Live Blog: PM Narendra Modi launches e-RUPI

PM Modi stated that India can lead the world in technological innovation and service delivery.

A huge base of Fintech has been created in the country, something that is not available in most countries, the PM further said.

He also talked about the PM Svanidhi Yojana under which over 23 lakh street vendors received help.

PM Modi praised the technological growth the country has witnessed in the past few years. He talked about the various digital initiatives, like FASTag, Aarogya Setu app, CoWIN, Government e-Market Place, and how they have made the world take notice.

The PM said that initially, the service is being opened for health services. In his address, he stated that the e-voucher will prove to be tremendously useful for COVID-19 vaccination, medical treatment, etc. e-RUPI will ensure that the money being sent is used only for the specific purpose it is intended for.

Prime Minister Narendra Modi has launched the government's latest digital initiative e-RUPI, a prepaid, e-voucher.

A lot of companies give out vouchers to their employees which they can use to buy groceries or avail health benefits, depending on the type of voucher. e-RUPI can be used in a similar fashion by such companies.

July witnessed record growth in UPI transactions. The transactions were up 15.7 percent from June. To put the growth in perspective, July registered 3.24 billion UPI transactions against 2.8 billion transactions in June. The transactions had seen a dip during the second wave of COVID-19 but recovered soon after it ebbed.

Most major banks are live with the new system. However, not all of them will be able to both issue and redeem the vouchers. In all, eleven banks are currently providing the service.

Banks that can both issue as well as allow redemption of vouchers include - State Bank of India, HDFC, Axis, Punjab National Bank, Bank of Baroda, and ICICI Bank.

Banks that are only issuing the voucher are - Canara Bank, IndusInd Bank, Indian Bank, Kotak Bank, and Union Bank of India.

The government aims to use e-RUPI for various welfare schemes, such as health schemes related to pregnant women, children, TB patients, and other similar schemes running under government programs like Ayushman Bharat Pradhan Mantri Jan Arogya Yojana. The new mode of payment will ensure safe and foolproof transactions so that the benefits reach the intended beneficiaries.

e-RUPI is being defined as a cashless and contactless instrument for digital payment. It is a QR code or SMS string-based e-voucher, which is delivered to the beneficiaries' mobile phones. The good part about this platform is that you can redeem the voucher even if you don't have a card, a digital payments app, or internet banking.

Prime Minister Narendra Modi will launch e-RUPI on Monday via video conferencing. It is a person and purpose-specific digital payment solution. The PMO released a statement saying that the Modi government has launched several programs through the years to ensure that targeted beneficiaries are able to reap the benefits in the most efficient manner. The e-RUPI initiative is a step forward in the same direction.