What is Digital Payment Full details here

What is e-RUPI? Full details here

Consumer preferences have shifted towards digital payments due to innovative technology, evolving financial products and innovative business models in the market. As per Reserve Bank of India Annual Report 2020-2021. The COVID-19 outbreak has pushed the country toward less cash options, a situation that already benefits from open innovation.Prime Minister of India Shri Narendra Modi. He has done many digital projects. The last few years have seen a digital revolution in India. Citizens are more aware of digital payment systems. This has improved their quality of life. This system allows people to pay and receive money digitally

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Specifically what is e-RUPI

e-RUPI is that of the recipients A text-based or QR code-based e-voucher sent to cell phones. A user of this comprehensive one-time payment platform can use digital mobile payment apps, service without using any payment card or net banking.

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About National Payments Corporation of India (NPCI).

The National Payments Corporation of India (NPCI) operates India’s retail payment and settlement systems. Reserve Bank of India and Bankers Association of India established this institution. The company operates under the Payments and Settlement Systems Act, 2017 to build a strong payment and settlement infrastructure in India.

National Payments Corporation of India (NPCI) is a not-for-profit corporation under Section 8 of the Companies Act, 2013. The National Payments Corporation of India (NPCI) is also responsible for managing the banking infrastructure in India, including physical and electronic. Payment and settlement systems.

The group focuses on bringing innovation to the payment system using technology. NBCI’s promoter banks are State Bank of India, Punjab National Bank, Bank of Baroda, Canara Bank, Union Bank of India, Bank of India, ICICI Bank, HDFC Bank, Citibank and HSBC.

Procedure for Issuance of e-RUPI Vouchers

On the UPI platform, the National Payments Corporation of India developed the e-RUPI digital payment system. India’s National Payments System has boarded up banks as the authority to issue vouchers. The company or government agency should contact the partner bank (including private and public sector lenders) with information about the particular person and why the payment should be made. Beneficiaries will be identified using the mobile phone voucher issued by the bank. This platform will be a great digital initiative to improve the quality of life and simplify the payment process.

Features of e-RUPI Digital Payment

Users can use this system to make digital payments using SMS string-paste or QR codes e-vouchers.

This voucher will be sent to the mobile phones of the users.

This voucher can be used without the need for a payment app, online banking or credit card.

India’s National Payments Corporation has launched the eRupi digital payment service on its UPI platform.

The Department of Financial Services, National Health Commission and Ministry of Health and Family Welfare are the collaborators.

Through this program service provider will be connected with receivers and service providers. This communication will be done entirely digitally with no physical interface.

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