Page 30 - Banking Finance December 2022

ARTICLE

e-RUPI: A MAJOR

STEP TOWARDS

DIGITAL

TRANSFORMATION

-RUPI is a cashless and contactless instrument for allows small-ticket person-specific and purpose-specific
digital payment developed by National Payments payments via digital vouchers. The system relies on mobile
e Corporation of India(NPCI)in collaboration with phones and intended to be seamless , on time payment
the Department of Financial Services(DFS),the Union Health mechanism. The instrument acts as an e-voucher which is
Ministry and the National Health Authority (NHA). Founded based on a QR code or SMS string, delivered to the mobile
on the Unified Payment Interface(UPI) platform created by phones of recipients which can be redeemed at service
NPCI , e-RUPI is designed to be a person and purpose specific provider (e.g. hospital or health care centre ) without the
digital payments solutions . It ensures that government need for any card, digital payments app or internet banking
schemes reach "intended beneficiaries in a targeted and access.
leak proof manner with limited touch points between the
government and the beneficiary". e-RUPI can be used for Covid vaccination process in which
government agencies and corporates can issue these
Giving a further boost to the Digital payment system in the vouchers to pay for vaccines . Small ticket subsidies can be
country e-RUPI was Launched on August 2nd, 2021 by transferred using these vouchers. It can also be used for
Honorable Prime Minister Shri Narendra Modi Ji .e-RUPI delivering services under schemes meant for providing drugs
and nutritional support under Mother and Child welfare
schemes, TB eradication programmes, drugs and diagnostics
About the author
under schemes like Ayushman Bharat Pradhan Mantri Jan
Ravi Mishra Arogya Yojana(the national health insurance scheme for
Chief Manager Faculty lower income groups), fertiliser subsidies etc. Even the
Union Bank of India private sector can use this digital voucher as part of their
Staff Training Centre, Gurugram
employee welfare and corporate social responsibility

30 | 2022 | DECEMBER | BANKING FINANCE