Prime Minister Modi today announced the launch of e-Rupee digital payment platform

PM Modi announces to launch e-RUPI digital payments platform today

Prime Minister Narendra Modi today announced the launch of e-Rupee digital payment platform. The Prime Minister announced that the digital payment solution will be launched on August 2 at 4:30 pm via video conference due to the COVID-19 situation in the country.

The upcoming digital payment app e-Rupee has been developed by the National Payments Corporation of India on its UPI platform, in collaboration with the Financial Services Department, the Ministry of Health and Family Welfare and the National Health Authority.

What is e-rupee?

E-Rupee is said to be a “cashless and contactless” platform for digital payments. A seamless one-time payment mechanism is to deliver a QR code or SMS string-based e-voucher to the beneficiary’s mobile. Users can redeem vouchers from the service provider without access to a card, digital payment app or internet banking.

The official press release notes that the upcoming e-Rupee digital payment platform connects service sponsors with beneficiaries and service providers in a digital manner without any physical interface. The platform ensures that payment to the service provider is made immediately after the transaction is completed. “This assures timely payment to the service provider without the involvement of any intermediary,” the official press release notes.

Prime Minister Modi hopes that e-Rupee will be a revolutionary initiative in terms of ensuring leak-proof delivery of welfare services. “It can also be used to provide services under schemes to provide medicines and nutrition assistance under schemes like Maternal and Child Welfare Scheme, TB Eradication Program, Ayushman Bharat PM’s Public Health Scheme, Fertilizer Subsidy etc. The sector is part of their worker welfare and corporate social responsibility programs As can use these digital vouchers, ”the press release notes.

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