Prime Minister Modi launches e-Rupee digital payment solution: What is it? Is it like Bitcoin? And the answer to more questions

PM Modi launches e-RUPI digital payment solution: Everything you need to know

Indian Prime Minister Narendra Modi has launched an electronic voucher called e-Rupee to promote digital payments. E-Rupee is a cashless and contactless instrument for digital payments, similar to a gift card.

“This is a QR code or SMS string-based e-voucher, which is distributed to the beneficiaries’ mobiles. Users of this seamless one-time payment method will be able to redeem the voucher to the service provider without access to a card, digital payment app or internet banking, ”the official statement said.

What is e-rupee?

E-Rupee National Payment Corporation of India (NPCI) has built on top of its UPI platform. For the development of e-Rupee, NPCI has collaborated with the Financial Services Department, the Ministry of Health and Family Welfare and the National Health Authority.

E-Rupee is a cashless and contactless solution for digital payments. It will only be delivered to the mobile of a beneficiary, who can redeem the voucher without any card, digital payment app or internet banking access to the service provider. The government claims that these vouchers will ensure payment after the transaction is completed. Also as it is of pre-paid nature it will ensure timely payment without the involvement of any intermediary.

During the virtual event, it was also mentioned that digital vouchers can be used to provide services under the Maternal and Child Welfare Scheme, TB Eradication Program, Prime Minister’s Public Health Scheme and many more. They further said that the private sector could use these digital vouchers as part of their employee welfare and corporate social responsibility programs.

Is e-rupee like bitcoin?

E-Rupee is not like Bitcoin or any other cryptocurrency. The government will track all issued vouchers and be able to identify the entire route, not in the case of cryptocurrencies, which operate in blockchain. Cryptocurrencies are anonymous and decentralized, whereas, e-rupee is centralized.

Is it safe?

The National Health Authority (NHA) said during the event that the e-rupee is completely safe and secure because it keeps the details of the beneficiaries secret. Moreover, it further states that the transaction process is fast and reliable because the required amount is already stored in the voucher.

Post Modi launches e-Rupee digital payment solution: What is it? Is it like Bitcoin? And the answer to many more questions first appeared in BGR India.

Leave a Reply