New Delhi, August 3: PM Narendra Modi on Monday launched a new digital payment solution 'e-RUPI' on Monday. This contactless and cashless voucher is based on QR Code or SMS string. It has been developed by National Payments Corporation of India, in collaboration with the Department of Financial Services, Union Health and Family Welfare Ministry and National Health Authority. Several banks including Punjab National Bank, Bank of Baroda, Canara Bank, IndusInd Bank have already using it. e-RUPI Launched by PM Narendra Modi; All You Need to Know About The 'Futuristic Digital Payment Solution.'

It has been developed as an one-time payment mechanism and is prepaid in nature. The e-voucher is expected to ensure a leak-proof delivery of welfare services. e-RUPI can be redeemed at the service provider without any internet banking services, or digital payment app. The payment is made to the service provider only when the transaction is completed. Scroll down to know how e-RUPI works and how to use it.

How To Use e-RUPI:

  • It is issued to the beneficiary for a payment of a specific service.

  • It is a SMS string or QR code based e-voucher

  • The code is sent on the mobile phone of the beneficiary

  • With the help of this code, the payment is transferred directly to the bank account of service provider.

  • Any service provider can generate the e-voucher with the help of its partner bank.

  • The beneficiaries can pay the service provider with the help of these e-vouchers.

  • The service provider will be required to scan this e-voucher for QR code or SMS string.

  • A code will also be sent on beneficiary's mobile for verification.

  • After the verification process, the payment will be made.

According to the official press release, e-RUPI can also be helping in allocating services under various government schemes including Mother and Child welfare programmes, Ayushman Bharat Pradhan Mantri Jan Arogya Yojana, TB eradication programmes among others. It will be helpful in targeted delivery and will simply the distribution process. e-RUPI is a major step towards cashless economy and is likely to contribute towards the government's Digital India initiative.

(The above story first appeared on LatestLY on Aug 03, 2021 11:36 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).