New Delhi, August 2: In an boost to digital and cashless economy, PM Narendra Modi will launch 'e-RUPI' on Monday via video conferencing. e-RUPI is a cashless instrument enabling online payments. 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, it is a e-voucher based on QR code or SMS strings. e-RUPI, Digital Payment Solution, To Be Launched By PM Narendra Modi on August 2.

The e-voucher can be redeemed at the at the service provider without any card or other digital banking services. Only when the transaction is completed, the service provider gets paid through the instrument. It ensures timely payment without engaging any physical interface. e-RUPI is a pre-paid digital payment instrument. CyberSafe Mission: How to Tackle Online Frauds? Here is All About Indian Home Ministry's Portal Aimed to Make Digital Payments More Secure.

Here Is All You Need To Know About e-RUPI:

  • It is a a cashless digital payment payment which is based on QR code or SMS string. It is delivered to the mobile of the beneficiary of the e-voucher.

  • It is a pre-paid online payment instrument and hence ensures timely payment.

  • It is a one-time payment instrument and can be redeemed at the service provider without a card, digital payments app or internet banking access.

  • The payment is made to the service provider only when the transaction is completed.

  • People issuing or buying the voucher can track their utilisation.

  • It is expected to ensure a leak-proof delivery of welfare services.

  • A total of eight banks are already live with the instrument. These include Punjab National Bank, Bank of Baroda, Canara Bank, IndusInd Bank, ICICI Bank, State Bank of India and HDFC bank.

The instrument is being seen as major step towards promoting cashless and online payments. 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. This most recent addition of the digital payment environment in India will be launched by PM Modi at 4:30 pm today.

(The above story first appeared on LatestLY on Aug 02, 2021 12:41 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).