A colleague of mine came to me one day and said “A family member of staff is seriously ill and he is not financially sound to afford it. We all are contributing.” On a paper names of contributors, the amount contributed and their signatures were mentioned. While contributing I was thinking will this contribution reach the person? Will the complete amount reach the needy one? Are the intentions of the donation collector or donation asker have good intentions?
I hope such may happen with you too. And same questions would also come into your mind.
Another instance is – My neighbor asked my Ration Card to buy extra ration for his family. As a goodwill gesture, I handed over my ration card because I was not using it to buy a ration. This may also happen to you.
The government of India also faces the same while giving cash subsidies to the accounts of the citizens. In the several welfare schemes beneficiaries are not getting benefits to problem of system. This is not a new system for the world. United States of America, Columbia and South Korea are some of the countries that offer e-vouchers for the welfare schemes to their citizens.
Now there is a Solution
You might have seen and used gift vouchers. You can use it in specific stores or websites. The same concept is followed in e-Rupi. It’s a prepaid e-voucher by NPCI (National Payment Corporation of India). It can be shared by a QR code or an SMS. These vouchers are person, purpose, and service-specific. It means it can be either redeemed by a specific person, for a specific purpose, and for a specific service only.
How does this System Work?
An e-Rupi voucher code is sent to the beneficiary’s phone as an SMS or QR Code. The service provider will scan the QR code or take the SMS string. An OTP will deliver to the beneficiary’s phone for verification. After verification transaction is concluded.
Its benefits are-
- It’s a cashless, contactless mode of payment.
- It provides a leakproof delivery of welfare services.
- It is redeemable without any card, payment app, or net banking
- Track of beneficiary of the welfare program.
- At present this service has started for the Government services it will open for the personal use it in future.
Following Indian Banks are issuers and acquirer of E-Rupi
|Sr. No.||Bank||Issuer/ Acquirer|
|1.||Axis Bank||Issuer and Acquirer|
|2.||Bank of Baroda||Issuer and Acquirer|
|4.||HDFC Bank||Issuer and Acquirer|
|5.||ICICI Bank||Issuer and Acquirer|
|9.||Punjab National Bank||Issuer and Acquirer|
|10.||State Bank of India||Issuer and Acquirer|
|11.||Union Bank of India||Issuer|
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