Prime Minister Narendra Modi will announce the launch of a new cashless payment system based on e-vouchers on Monday. The National Payments Corporation of India developed the system in collaboration with the Ministry of Finance, the Ministry of Health, and the National Health Authority.
How can e-RUPI vouchers be used?
These vouchers are similar to e-gift cards in that they are prepaid. The codes on the cards can be shared via SMS or via the QR code. These e-vouchers will be tailored to each individual and their intended use. If you have an e-RUPI voucher for the Covid-19 vaccine, for example, it must be used only for vaccines.
What distinguishes an e-RUPI voucher from other online payment methods?
E-RUPI isn’t just another platform. It’s a one-time use voucher for a specific service. E-RUPI vouchers are purpose-specific, and anyone can use them even if they don’t have a bank account, a digital payment app, or a smartphone. That is the distinction.
These vouchers will primarily be used for medical expenses. These vouchers can be given to employees by companies. The Centre had previously stated that it would introduce a vaccine e-voucher option, in which one can purchase an e-voucher for vaccination in a private hospital and gift it to another.
The person who purchases the vouchers and distributes them can keep track of how they are used. Another issue is privacy, as beneficiaries will not be required to share their personal information.
How to redeem?
There is no need for a card or a hard copy of the voucher to redeem these. It’s enough to have a QR code sent to you via text message.
The following is a list of banks that have implemented e-RUPI.
State Bank of India, HDFC, Axis, Punjab National Bank, Bank of Baroda, Canara Bank, IndusInd Bank, and ICICI Bank are among the eight banks that have implemented e-RUPI, according to the National Health Authority.
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