Can e-RUPI become the game changer for digital currency adoption in India?

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Can e-RUPI become the game changer for digital currency adoption in India?

Despite the fact that e-RUPI is still supported by the Indian rupee, its aim distinguishes it from a virtual digital currency and places it closer to a payment service system that is based on vouchers than a virtual digital currency.

How can e-RUPI be the first step towards launching digital currency in India?

Any government agency and corporation can generate e-RUPI vouchers via their partner banks. A beneficiary will be required to show the QR code or the SMS message to the merchant, who will scan the same and a verification code will be sent to the beneficiary’s phone number.

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Will India’s e-RUPI be a game changer like Kenya’s M Pesa?

It is here that the cashless and contactless digital payment solution called e-Rupi, launched recently by the government, can prove to be a game changer. Similar to what M-Pesa did in Kenya, e-Rupi has the potential to redraw the contours of financial inclusion in India.

How will digital voucher payment system work the Hindu?

The digital system does not require a card, app or internet access to redeem the vouchers. The digital tokens will be sent to respective citizens by the government via SMS strings or QR codes to be used for a specific purpose.

Is e RUPI transferable?

The merchant will only require an application to scan and accept the e-RUPI voucher and OTP. These vouchers can be used for a single transaction and are non-transferable.

Is digital currency legal in India?

Currently, there is no regulation or any ban on the use of cryptocurrencies in the country. The Reserve Bank of India’s (RBI) order banning banks from supporting crypto transactions, was reversed by the Supreme Court order of March 2020.

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How does e RUPI work?

e-RUPI is basically a digital voucher which a beneficiary gets on his phone in the form of an SMS or QR code. The employee will receive an SMS or a QR Code on his feature phone / smart phone. He/she can go to the specified hospital, avail of the services and pay through the e-RUPI voucher received on his phone.

How can I send e RUPI?

e-RUPI has been developed as a cashless app. The help of an SMS string or QR code system will be taken to send this app to the mobile of the general public of the country. Beneficiaries can directly download this app on their mobile through SMS string or QR code.

Is e-RUPI digital currency?

On 2nd August 2021, the Prime Minister of India, Narendra Modi launched the e-RUPI – a cashless and contactless voucher-based digital payment solution, via video conferencing.

Who is owner of e-RUPI?

National Payments Corporation of India (NPCI) in association with Department of Financial Services (DFS), National Health Authority (NHA), Ministry of Health and Family Welfare (MoHFW), and partner banks, has launched an innovative digital solution – ‘e-RUPI’.

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Is bitcoin legal in India 2021?

At present, there is no legislature that covers cryptocurrecies in India. However, that does not make cryptocurrency illegal in the country. It simply indicates that there is no regulatory framework to safeguard cryptocurrency owners in the country.