e-RUPI is being seen as India's first step towards having a digital currency. Prime Minister Narendra Modi will launch e-RUPI, a person and purpose-specific digital payment system, at 4:30pm today (Monday, August 2) via a virtual event. Several programmes over the last few years have been launched to ensure that the benefits reach the intended beneficiaries, the Prime Minister's Office said, adding that the concept of the electronic voucher is another step in the same direction, taking forward the vision of good governance. Let's understand it further:
How does e-RUPI work?
A cashless and contactless solution for digital payment, e-RUPI is a QR code or SMS-string based e-voucher, delivered to the mobile of a beneficiary. A user can, then, redeem the voucher without any card, digital payment app, or Internet banking access, at the service provider - similar to a gift card. It basically brings the sponsor of the services in touch with beneficiaries without any physical interface.
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