The special feature is that no bank account, online bank or apps are required to use the e-RUPI service.
Prime Minister Narendra Modi yesterday launched a new transaction platform called 'e-Rupi'. The highlight is that no bank account, online bank, apps are required to use e-Ruppi service. The 'e-Rupi' digital transaction platform says that money transactions can be carried out easily through QR line or SMS.
The e-RUPI has been launched by 11 partner banks including National Payment Corporation of India (NPCI), Financial Services Department (DFS), National Health Commission (NHA), Ministry of Health and Family Welfare (MoHFW) and State Bank of India, Punjab National Bank.
Launched by Prime Minister Modi, the e-RUPI service will act like a prepaid voucher. One can use it simply if the user's identity and mobile number are confirmed.Instead of transferring money from a bank account, qr code or SMS information will be provided to the beneficiary's mobile number. That is why the transaction can be easily done.
This e-RUPI prepaid voucher can be used as an alternative to making transactions by paying into a bank account.
The e-Rupi prepaid voucher, which will be operational in 11 banks across India, works almost like special coupons and prepaid vouchers. These e-ruppi vouchers can only be used to meet the specific purpose for which these vouchers are provided.For example, if the voucher we buy is created to pay for the vaccine or medicine, it can only be used for that purpose.
Therefore, the government can ensure that the money allocated by the government to the beneficiary for specific schemes is spent only on it.