In a giant enhance to the Digital India initiative, Prime Minister Narendra Modi will launch a futuristic digital fee resolution by the identify of e-RUPI on Monday (August 2) at 4:30 pm. It has been developed by the National Payments Corporation of India on its UPI platform, in collaboration with the Department of Financial Services, Ministry of Health & Family Welfare, and National Health Authority.
According to the Press Information Bureau (PIB), e-RUPI is among the a number of programmes launched by the Modi authorities to make sure leak-proof switch of presidency advantages to the goal customers. A cashless and contactless digital fee instrument, e-RUPI is a QR code/e-Voucher that’s delivered to the cell telephones of beneficiaries. The voucher can then be redeemed with out a card or web banking entry on the service supplier. Without the necessity for a bodily interface, e-RUPI will join the sponsors with the beneficiaries and repair suppliers in a digital method.
Some of the advantages of e-RUPI are:Cashless and contactless digital fee.Connects service sponsors and beneficiaries digitally. Ensures leak-proof supply of assorted welfare companies.— Narendra Modi (@narendramodi) August 1, 2021
As such, fee to the service supplier will solely be made after a transaction is accomplished. Given that it’s a pre-paid fee instrument, e-RUPI will guarantee well timed fee with out the requirement for intermediaries. e-RUPI is predicted to revolutionise the supply of welfare companies reminiscent of dietary help (Mother and Child welfare schemes), TB eradication schemes, medication and diagnostics (Ayushman Bharat), fertiliser subsidies, worker welfare within the personal sector and Corporate Social Responsibility (CSR) programmes.
UPI crosses ₹6 lakh crore in transaction worth in July, units new file
UPI, also referred to as Unified Payments Interface, crossed the 300 crore quantity mark and ₹6 lac crore in transaction worth for the month of July. As per the National Payments Corporation of India, a complete of 324 crores UPI transactions have been processed within the final month that amounted to ₹6.06 lac crore worth in worth. About 280 crore UPI transactions value ₹5.47 lac crore was made for the month of June. It have to be talked about that about 9-10 crore UPI transactions are processed every day.
UPI got here into existence in 2016 however crossed the 100 crore mark when it comes to quantity in October 2019. Despite the gradual financial development, worsened by the Coronavirus pandemic, UPI continues to be a well-liked and most popular technique of digital fee. Besides UPI, Immediate Payments Service (IMPS) processed transactions value ₹3.09 lac crore in July as in comparison with ₹2.84 lac crore in June. While Aadhar Enabled Payment System (AePS) transactions value ₹ 23,447.11 crore was processed, about ₹2,976.39 crore was processed on NETC FASTag for the month of July.