Additionally, he said that the e-RUPI is an example of how India is moving forward and connecting people in the 21st century by using advanced technology.

At 4.30pm on Monday, Prime Minister Narendra Modi launched e-RUPI, a purpose-specific digital payment solution via video-conferencing. PMO said it will be a paradigm-shifting move towards leakproof delivery of welfare services.

Here are the highlights of the prime minister’s speech:

• In highlighting the importance of the e-RUPI voucher, the prime minister said that it will play a major role in strengthening the DBT program. Through the Direct Benefit Transfer programme, the government aims to transfer subsidies directly to individuals through their bank accounts.

• “Today the country is giving a new dimension to digital governance. The eRUPI voucher is going to play a huge role in making DBT more effective in digital transactions in the country. This will help everyone in Targeted, Transparent and Leakage Free Delivery,” he said.

• “The e-RUPI voucher, in a way, is a person as well as purpose-specific. For the purpose for which any help or any benefit is being given, it will be used for, this eRUPI is going to ensure,” he said.

• In addition, the prime minister said the e-RUPI was a shining example of India’s progress and its ability to connect people using modern technology. “I’m glad that it has started in the year when India is celebrating its 75th year of Independence,” he said.

• “Today we are looking at technology as a tool to help the poor, a tool for their progress,” said Modi.

• “Earlier in our country some people used to say that technology is only for the rich, India is a poor country, so what is the use of technology for India? When our government used to talk about making technology a mission, many politicians, certain types of experts used to question it,” added Modi.

• According to Modi, India has shown the world that it is second to none in terms of adopting technology and connecting to it. “When it comes to innovations, use of technology in service delivery, India has the ability to give global leadership along with big countries of the world,” he said.

• The Centre has started PM Svanidhi Yojana. “Today, in small and big cities of the country, more than 23 lakh street vendors and vendors have been helped under this scheme. In this Corona period, about Rs 2300 crore has been given to them,” said PM.

• Narendra Modi praising India’s digital infrastructure said that the world is accepting the iron of the work that has been done in the last 6-7 years for digital infrastructure and digital transactions in the country. “Especially in India, a huge base of fintech has been created. Such a base is not there even in big countries,” he said.

What is e-RUPI?

• It is a cashless and contactless payment instrument. It is a QR code or SMS string-based e-Voucher, which is sent to the beneficiaries’ mobile phones.

• These one-time payment mechanisms will enable users to redeem the vouchers at the service provider without the need for a card or access to digital payments apps or banking sites.

• The National Payments Corporation of India developed the application on its UPI platform in collaboration with the Department of Financial Services, the Ministry of Health & Family Welfare and the National Health Authority.

• Through e-RUPI, sponsors of the services are connected digitally to the beneficiaries and service providers. Furthermore, it ensures that payments are made to the service provider only once a transaction is completed. Having a pre-paid nature, it assures timely payment to the service provider without the involvement of a third party.

• It is expected to be a revolutionary initiative in the direction of ensuring a leak-proof delivery of welfare services.

What are e-RUPI benefits to the consumer?

Following are e-RUPI benefits to the consumer:

• Contactless: Beneficiary need not carry a printout of the voucher

• Easy redemption: Two-step redemption process

• Safe and Secure: Beneficiary doesn’t need to share personal details while redemption hence privacy is maintained

• No digital or bank presence required: Consumer redeeming the voucher need not have a digital payment app or a bank account

Also read: FinTech in India is on the rise – as per latest reports