What Is E-Rupi? How Will Work

The current Prime Minister of India, Honorable Narendra Modi, has started a new payment platform called e-Rupi on 2nd August 2021, a few days before the Independence Day .

From here, questions have started arising in the minds of many people, what is e-Rupi? How will it work? Is e-Rupi going to become the digital currency of India? Some such question must be going on in your mind as well.

How to use e-Rupi, how eRupi is working, where you can use eRupi, we have come to know about it from the bed.

Table of Contents

• What is E-Rupi
• How e-rupi works
• What is the purpose of e-Rupi
• What is required to use e-Rupi
• Who can issue ERupi
• Who can Acquire e-Rupi?
• bank wise e-Rupi Acquire Payment gateway
• Benefits of e-Rupi Benefits of e-Rupi
  • e Rupi kya hai
  • What is the advantage of e Rupi
  • e Rupi from where the issue will be
  • how to withdraw money from e Rupi
  • How much money is in e Rupi

What Is E-Rupi

Sir, you must have heard about UPI or you are using yourself. e-Rupi will also work in a similar way. The person who created eRupi is the one who created UPI.

That is NPCI (NPCI) whose full name is National Payment Corporation of India (National Payment Corporation of India). And along with the contribution of the Department of Financial Services (Department of Financial Services), Ministry of Health and Family Welfare (Ministry of Health and Family Welfare) and National Health Otharity (National Health Authority).

e-Rupi will be a caseless and contact less system and you can use it for specific work in specific places.

How E-Rupi Works

e-Rupi is a Voucher based system as you get some Coupons at the time of using your Google Pay. And all those Coupons can be used to buy some specific products of a particular company.

So you cannot use that Coupons for any other purpose. For which these Coupons are there, it will work only in that place.

e-Rupi will also earn in the same way, suppose the government is giving some money to some farmers to buy chemical fertilizers. If cash is given, then farmers may be able to spend that money in a different way instead of buying fertilizer.

Now it may happen that this time the government will have given you a voucher or QR code instead of cash, which will come to your mobile through SMS or e-mail.

That voucher or QR code can be used to buy chemical fertilizers only from chemical stores. One cannot use it for a specific place or for any purpose other than for a specific purpose.

As another example I am saying here that suppose a student gives some money in his bank account on account of government scholarship. Is there any guarantee that the student will pay for the education with that money?

May be bo money is being used for some other family purpose. Now it may happen that this time the government can send a QR code or link to the mobile number of a particular student or his guardian. Which can only be used for camping purposes.

Through this the main objective of the government or any company or any organization will be fulfilled properly. I hope you have understood a lot about what is e-Rupi and how eRupi works.

What Is The Purpose Of E-Rupi

eRupi has been created for special work at special place. So that money is not spent for any purpose other than the main purpose. I am telling again that money can be used only for the work for which that money is being issued.

With the help of this, there will be a lot of improvement, first of all, the scam in the work will be done a lot. Because the QR code of eRupi that will be linked, only that person will be able to use it, but also only through his mobile. So if a third person can't or can't in the middle, then you will get to see a lot of flaws in the ghetto.

What Is Required To Use E-Rupi

As you all know that you need to have a bank account to use UPI but you do not need a bank account to use eRupi .

Neither do you need any card or need Net Banking. So this is different, no contact is needed. Only a small mobile is needed in which an SMS or a work can be done.

The question is, have money in eRupi but don't need a bank account? Yes it is not needed.

Because I said in the beginning that only one mobile phone is enough to use it. Only a link or QR code will go in your mobile phone and you will be able to complete the work easily by showing it in the specified center.

So here eRupi is one type of digital wallet for which you do not need a bank account.

Who Can Issue ERupi

Friends e-Rupi Kya Hai Perhaps you must have come to know for a long time, but at the present time, who can issue eRupi, these questions are coming?

See, in the beginning there are certain banks which have been able to issue eRupi. Till now 11 banks can issue it.

1. State Bank of India
2. HDFC Bank
3. Axis Bank
4. Punjab National Bank
5. ICICI Bank
6. Canara Bank
7. Bank of Baroda
8. IndusInd Bank
9. Indian Bank
10. Bank Box
11. Union Bank of India

In the future too, along with public and private banks, small big companies and NGOs will go on joining it. And the government will definitely be there for the work of various government schemes.

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Well now, whenever a small company or NGO or Goverment wants to use eRupi, people will first have to join these specified banks and after that if e-Rupi Voucher is needed for any work then that bank Will be able to generate Voucher from

And after that the Bo will be able to give it to a particular person or institution. The person or organization Perticular will be able to use that eRupi Voucher for that work.

Who Can Acquire E-Rupi?

Well, I have told about all the winning banks in the above, all those banks can issue eRupi now but cannot accept eRupi Voucher.

In the beginning, these 6 banks can acquire eRupi.

1. Axis Bank
2. State Bank of India
3. Bank of Baroda
4. HDFC Bank
5. ICICI Bank
6. Punjab National Bank

In these other selected banks can acquire these eRupi Voucher by using the payment gateway of those people .

Bank Wise E-Rupi Acquire Payment Gateway

Know about all these banks which payment gateway they have, using which they will be able to acquire eRupi.

1. Axis Bank - Bharat Pe
2. State Bank of India – YONO SBI Merchant
3. Bank of Baroda – BHIM Baroda Merchant Pay
4. HDFC Bank – BHIM Baroda Merchant Pay
5. ICICI Bank - Bharat Pe & PineLabs
6. Punjab National Bank – PNB Merchant Pay

Benefits Of E-Rupi Benefits Of E-Rupi

The entire transaction process through this voucher is relatively fast as well as reliable, simple, safe and secure as it keeps the details of the user completely confidential. And also the required amount is already stored in this voucher.

Benefits for Corporates

• Various companies, corporates and organizations can use them for the welfare of their employees, they can use eRupi to give any kind of bonus or gift to the employees.
• End 2 End Digital transactions do not require any physical person, which will reduce the cost of companies.
• Where and when the erupi voucher is being redeemed, it will be very easy to track it from the Issue ID
• Being quick, secure & contactless, it will also be very easy to distribute this Voucher.

Benefits for Hospitals

• Easy and Secure – Voucher Verification is authorized through code
• Hassle free and contactless payment collection – no cash or card operations required
• The redeem process will happen very quickly, which will require a few steps. How much is the amount already, the user will know and this will get the work done in time.

Benefits to the Consumer

• Contactless - Due to which the user will not have to keep any bank account or print out with him.
• Easy redemption – 2 step redemption process Here the user will show the eRupi and along with scanning it, an OTP (One Time Password) will come in the user's phone, after confirming it will be redeem.
• Safe and Secure - The user does not need any Personal Identification so that the confidentiality will remain in place.
• No digital or bank presence required – The user does not need any special app, no Net Banking will be required.
• Hassle free - It is not that your Finger Print is not matching again because there is no need of Finger Print in this.

Some FAQ

E Rupi Kya Hai

A One Time Voucher Payment System which can be redeemed without the help of Card without App or without Net Banking and can be taken full advantage of.

What Is The Advantage Of E Rupi

End to end is safe, easy to redeem, easy and secure and hassle free as no documents are required even no fingerprint is required.

E Rupi From Where The Issue Will Be

So far 11 banks have been able to issue it, in the future too many government and non-government organizations will be associated with it.

How To Withdraw Money From E Rupi

First of all, eRupi can be found for a specific job and can be used after showing the cipher of the job for which it is found

How Much Money Is In E Rupi

There is no limit to this, the amount of money needed for the work, the eRupi Voucher user will get the same amount of money.

Conclusion:

Now I am sure that you understand e-Rupi kya hai and how eRupi works and also what are the benefits of eRupi. Friends, according to the reports so far, I have written this blog.

The data given inside it is all taken from the official website of NPCI .

My Thought:

I liked this step of Digital India very much, it is my thinking that with the help of this many people will be benefited. What do you think, do write in the comments below.

:thanks :