First time in the history of India, PM Modi launched a voucher based digital currency known as e- Rupi which is developed by NPCI (National payment Corporation of India), Department of Financial services, Ministry of Health and Family welfare and National Health Authority.
What is e-RUPI?
e-RUPI is a digital voucher developed by NPCI which will be transferred directly to the mobile phone through SMS string or QR code.
How will it work?
Those beneficiaries registered for DBT transfer or registered with the government by aadhar will get SMS or QR code. For example, any health related service let us say for vaccination, a person goes to the vaccination center and shows a QR code and the vaccination officer will scan that code and the beneficiary gets the SMS on the same phone number and then she can share that code with the center and get the vaccine.
Uses of e- RUPI
It can be used for delivery service under the government schemes like TB eradication programme, Fertiliser subsidies, provides drugs and diagnosis under schemes like Ayushman bharat, PM Jan arogya yojana etc.,
It can also be used by private sector for their employee payment etc in future.,
Is it alternative to UPI?
No, it is not an alternative to UPI but derived from UPI and uses NPCI infrastructure to work.
Examples of voucher based currency from the world
In the USA, voucher based currency is used by the schools so that students can pay through that.
Many other countries like the Hong kong, Columbia, Chile, Sweden etc.,
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