e-RUPI Digital Payment Solution

e-RUPI Digital Payment Solution

Question: Who has launched the e-RUPI Digital Payment Solution on August 2nd 2021 through video conferencing?
a) Bill Gates
b) Mukesh Ambani
c) PM Narendra Modi
d ) None of the above
Ans: c
Context

  • Prime Minister Narendra Modi has launched e-RUPI Digital Payment Solution on 2nd August 2021 through video conferencing.

Related Facts

  • e-RUPI is an e-voucher-based payment solution.
  • It works on a QR code or SMS string, which is delivered to the mobile phones of the beneficiaries.
  • It is made to avoid contacts during the transactions as it is a cashless and contactless instrument for digital payments.
  • It will limit touch points between government and beneficiary and ensure that benefits reach its intended beneficiaries in a targeted and leak-proof manner.

Process of working

  • e-RUPI connects the sponsors of the services with the beneficiaries and service providers in a digital manner without any physical interface. It also ensures that the payment to the service provider is made only after the transaction is completed.
  • It is prepaid in nature, which assures timely payment to the service provider without involvement of any intermediary.
  • e-RUPI will be delivered to mobile phones of beneficiaries through SMS-string or a QR code. Its one-time payment mechanism will allow users to redeem the e-RUPI voucher without a card, digital payments app or internet banking access, at the service provider.

e-RUPI Platform

  • It is developed by National Payments Corporation of India on its UPI platform.
  • It was launched in collaboration with Department of Financial Services, Ministry of Health & Family Welfare and National Health Authority.

By Kameshwar Shukla

Reference: https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1741110