What is e-Rupi? How to Get an e-Rupi Voucher?: National Payments Corporation of India (NPCI) has launched a new digital solution called e-RUPI. It is a collaboration between the Department of Financial Services, the National Health Authority (NHA), the Ministry of Health and Family Welfare and partner banks.
What is e-Rupi?
This seamless one-time payment method will allow users to redeem their vouchers without the need for a card, digital payment apps, or internet banking access. e-RUPI could be shared with beneficiaries by Government agencies or organizations via SMS or QR code for a particular purpose or activity.
Contactless e-RUPI makes it easy, secure and convenient. The beneficiary details are kept completely private. Because the amount required is already stored in the voucher, the entire transaction is much faster and more reliable.
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How to Get an e-Rupi Voucher?
- At the outlet of the service provider, the beneficiary must show the QR code or the SMS to the operator.
- This QR code or SMS must be scanned by the salesperson
- An OTP will now be received by the beneficiary
- This OTP must be shared by the beneficiary with the service provider
- This OTP must be entered by the service provider into the OTP box
- The service provider must now click on Proceed
- The service provider will be paid
Major Benefits of e-Rupi:
- Corporates can encourage the well-being and happiness of their employees
- End-to-end digital transactions are possible without the need for physical issuance. This results in cost savings.
- The issuer can track voucher redemption
- Quick, safe & contactless voucher distribution
- It’s easy and secure – A verification code authorizes the voucher.
- No hassle, contactless collection of payments – Cash or cards are not handled
- It is quick and easy to redeem the voucher.
- Contactless – The beneficiary should not have a printed copy of the voucher.
- Redeem quickly with just 2 steps
- Safe and secure – The beneficiary doesn’t have to reveal any personal information during redemption. Privacy is preserved.
- There is no need to be present in digital or bank – The consumer redeeming the voucher does not require a digital payment app or a bank account.
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Does e-RUPI need a bank account?
e-RUPI doesn’t require the beneficiary have a bank account. This is a significant difference from other digital payment methods that we all are using.
*Current e-Rupi Partners:
| Sr. No. | Bank Name | Issuer | Acquirer | Acquiring App / Entity |
|---|---|---|---|---|
| 1 | AU Small Finance Bank | ✔ | NA | |
| 2 | Axis Bank | ✔ | ✔ | BharatPe |
| 3 | Bank of Baroda | ✔ | ✔ | BHIM Baroda Merchant Pay |
| 4 | Bank of India | ✔ | NA | |
| 5 | Bank of Maharashtra | ✔ | NA | |
| 6 | Canara Bank | ✔ | ✔ | Canara eRUPI Acquirer |
| 7 | Central Bank of India | ✔ | NA | |
| 8 | Federal Bank | ✔ | NA | |
| 9 | HDFC Bank | ✔ | ✔ | HDFC Business App & Ezetap |
| 10 | ICICI Bank | ✔ | ✔ | BharatPe and Pine Labs |
| 11 | Indusind Bank | ✔ | NA | |
| 12 | Indian Bank | ✔ | ✔ | IB Corporate Merchant |
| 13 | Indian Overseas Bank | ✔ | NA | |
| 14 | Karnataka Bank | ✔ | NA | |
| 15 | Karur vysya Bank | ✔ | NA | |
| 16 | Kotak Bank | ✔ | NA | |
| 17 | Paytm Payment Banks | ✔ | Paytm Business App | |
| 18 | Punjab National Bank | ✔ | ✔ | PNB Merchant Pay |
| 19 | State Bank of India | ✔ | ✔ | YONO SBI Merchant |
| 20 | UCO Bank | ✔ | ✔ | BHIM UCO UPI |
| 21 | Union Bank of India | ✔ | NA | |
| Total | 20 | 10 | 11 | |
*Data Source: NPCI
How is e-RUPI different from UPI?
The main difference between UPI wallets and e–rupi wallet is that wallet does not need to be linked with any bank accounts. Customers must link their wallet to a bank account in order to perform transactions via UPI. The KYC process for the e-rupi wallet will be separate.
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