e-RUPI- A Futuristic Reform

 e-RUPI:

What is e- RUPI?

e-RUPI is a QR code or SMS string-based e-voucher, which is delivered to the mobile of the beneficiaries. 

e-RUPI Launched in India:

e-RUPI is a cashless and contactless person-and-purpose specific digital payment solution launched by Prime Minister Narendra Modi via video conferencing on Monday(2nd August 2021).

It has been developed by the National Payments Corporation of India(NPCI) in collaboration with other government departments.

This one-time payment mechanism aims to stop the loss in the welfare schemes of government and ensures that the benefits reach to those whom it is meant to be. Since the money is transferred through mobile phones there is no possibility of it being misused. It is considered safe as it is prepaid.

PM Modi tweeted some of the benefits of the new electronic voucher-based on digital payment solution. 




This private sectors can also leverage the new system for employee welfare and corporate social responsibility programs. The Prime Minister's Office(PMO) also said that it can be a revolutionary initiative in the direction of ensuring a leak-proof delivery of welfare services.

How can e-RUPI be used?

Use of e-RUPI can be easily explained through an example:

You bought a product and received a voucher on the purchase. With e-RUPI you do not need to carry the voucher in the physical form. It can be sent to your mobile phone in the form of a QR-Code or in the form of an SMS(Short Message Service).

This digital transaction is safe as it ensures payment only after the transaction is completed. Being pre-paid in nature, it assures that the sellers are paid on time, without any intermediary involvement.

The e-voucher can also be set beneficial to the Pradhan Mantri Jan Arogya Yojana and fertilizer subsidies, etc.

Since the benefits will be transferred in the form of vouchers, they can only be used for the intended purpose.

What is Crypto Currency?

Cryptocurrency is a form of payment that can be exchanged online for goods and services. Many companies have issued their own currencies, often called tokens, and these can be traded specifically for the good or service that the company provides. Think of them as you would arcade tokens or casino chips. You’ll need to exchange real currency for the cryptocurrency to access the good or service.

Cryptocurrencies work using a technology called blockchain. Blockchain is a decentralized technology spread across many computers that manages and records transactions. Part of the appeal of this technology is its security.

What are the different forms of Crypto Currency?

1. Bitcoin

2. Doge Coin

3. Polka Dot

4. USD Coin

5. LUNA

6. Wazir-X

There are many other CRYPTO Currencies other than these 6 as these are the most used/common forms of it.

Is e-RUPI a part of Crypto Currency or the form of Crypto Currency?

NO, e-RUPI is neither a part of crypto currency nor a form of Crypto Currency.

As crypto currency use a blockchain technology, e-RUPI will not be using it. It will totally be centralized i.e. in the hands of Indian government. 

Once launched no one in India can deny it as the mode of payment.


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