e-RUPI, a person and purpose-specific digital payment system, was introduced today via video conference by Prime Minister Mr. Narendra Modi. An electronic wallet known as e-RUPI allows for digital payments without using currency.
The eRUPI voucher would play a significant part in making DBT more successful in digital transactions in the country, the Prime Minister said while speaking at the ceremony, adding that it will also provide digital governance a new dimension. Everyone will benefit from this in terms of focused, open, and leakage-free delivery. He claimed that by integrating technology into everyday life, e-RUPI serves as a representation of how India is developing. As the nation celebrates the Amrit Mahotsav in honor of its 75th anniversary of independence, he also expressed satisfaction that this forward-thinking reform project has been launched at this time.
- The nation is currently offering digital governance a new facet.
- DBT will become significantly more efficient in the nation’s digital transactions thanks in large part to the eRUPI voucher.
- Everyone in Targeted, Transparent, and Leakage will benefit from this. Free Shipping Mr. Narendra Modi
This will guarantee that the funds he donates are used for the same purpose for which they were given: Mr. Narendra Modi
PMO India, August 2, 2021 (@PMOIndia).
According to the prime minister, eRUPI is person- and purpose-specific. eRUPI will make sure the funds are utilized for the objectives for which any assistance or benefits are being given.
In a sense, eRUPI is Person and Purpose Specific.
This eRUPI will make certain that any assistance or benefits are utilized for the following purposes: Mr. Narendra Modi
PMO India, August 2, 2021 (@PMOIndia).
In addition to the government, he claimed that any other group wishing to assist a person with their treatment, education, or other endeavors would be able to do so by giving an eRUPI voucher rather than cash. This will guarantee that the funds he donated are used for the intended purpose.
In addition to the government, any general organization or organization will be able to donate eRUPI instead of cash if they want to support someone in their treatment, studies, or any other endeavor.
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What is e-RUPI?
e-RUPI is a person-specific, one-time payment mechanism that operates on a voucher-based system. Unlike traditional digital payment methods that require beneficiaries to link their bank accounts or use a mobile wallet, e-RUPI eliminates the need for a physical payment instrument or a bank account. Instead, it generates a QR code or SMS-based digital voucher, which the recipient can redeem at participating service providers.
Key Features of e-RUPI:
Direct and Targeted Benefit Transfer: e-RUPI ensures that government benefits and welfare payments reach the intended beneficiaries directly, minimizing leakages and chances of misuse. The system is designed to be transparent and efficient, ensuring that every rupee is used for its intended purpose.
No Need for a Bank Account: One of the most remarkable aspects of e-RUPI is its independence from a bank account. This feature enables even the unbanked and underbanked sections of society to receive benefits seamlessly, promoting financial inclusion.
Secure and Traceable: e-RUPI transactions are highly secure and traceable. Since the system is linked to a specific beneficiary and purpose, it curtails any possibility of fraud or diversion of funds.
Privacy Protection: e-RUPI vouchers do not disclose any personal information of the beneficiary, ensuring privacy and confidentiality during transactions.
Easy Redemption: Recipients can redeem e-RUPI vouchers at participating service providers simply by displaying the QR code or voucher received on their mobile phones.
Impact on Inclusive Growth:
Strengthening Healthcare Services: e-RUPI can play a transformative role in enhancing access to healthcare services, especially for the economically disadvantaged sections. It can be used for targeted vaccination initiatives, maternal and child healthcare schemes, and providing financial aid for medical treatments and medicines.
Boosting Education and Skill Development: With e-RUPI, the government can facilitate targeted support for students, offering scholarships, and financial assistance for skill development programs, thus promoting quality education and employability.
Empowering MSMEs and Entrepreneurs: By providing targeted financial support to micro, small, and medium enterprises, e-RUPI can drive entrepreneurship, spur innovation, and create more job opportunities, fostering economic growth.
Facilitating Financial Inclusion: As e-RUPI does not require a bank account, it can extend financial services to the unbanked and underbanked sections, making them a part of the formal financial system.
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Conclusion
e-RUPI is an innovative step towards creating an inclusive and digitally empowered India. By streamlining government benefit transfers and ensuring that they reach the intended beneficiaries directly, e-RUPI can significantly reduce leakages and promote transparency. The solution’s versatility, security, and ease of use make it a promising tool for driving inclusive growth across various sectors, from healthcare to education and entrepreneurship. As e-RUPI gains momentum and expands its reach, it has the potential to revolutionize the way welfare schemes are delivered, ultimately contributing to the nation’s progress and prosperity.
