The Government of India has taken a bold stride in the realm of digital payments with the introduction of the e-RUPI Contactless Digital Payment Platform. This contactless payment platform is a secure and handy way to make payments from your smartphone or other digital devices. Additionally, it allows users to seamlessly carry out cashless transactions at physical stores, online stores, and other merchant websites.
The e-RUPI Contactless Digital Payment Platform provides a number of benefits to its users. First and foremost, it eliminates the need to carry cash or wait in long queues at the bank to withdraw or deposit money. It also eliminates the need to carry multiple cards or wallets to make payments. Additionally, it provides users with the flexibility to make payments directly from their accounts or wallets. It also offers a secure payment environment, with integrated security measures such as biometric authentication and encryption.
The National Payments Corporation of India (NPCI), in collaboration with the Department of Financial Services (DFS), the National Health Authority (NHA), the Ministry of Health and Family Welfare (MoHFW), and partner banks, has launched the innovative digital solution ‘e-RUPI’. This contactless one-time payment mechanism allows beneficiaries to redeem vouchers without the need of a card, digital payments app, or internet banking access, at participating merchants. e-RUPI vouchers are sent to beneficiaries via SMS or QR code for a specific purpose or activity by organizations or the Government. The transaction process is fast and secure, as the required amount is already stored in the voucher and the details of the beneficiary remain confidential.
Unlike UPI, this system does not require a bank account. Customers can then use their mobile phones as a wallet to pay for goods and services directly to the wallet of the shopkeeper or service provider. They can also use the e-RUPI app to transfer money to other people, pay bills, and send money to businesses. The app also provides a secure platform for users to store their payment information and keep track of their transactions.
The launch of the e-RUPI Contactless Digital Payment Platform is a major milestone for India’s digital payment ecosystem. It is expected to revolutionize the way people make payments and will help in making India a cashless economy.
