Moving forward toward a digitalized economy

Moving forward toward a digitalized economy

Prime Minister Narendra Modi launched e-RUPI, an e-voucher-based digital payment solution, on August 2, Monday, via video conferencing. It has been developed by the National Payments Corporation of India (NPCI) on its UPI platform. This will prove to be an example of how India is moving toward a digitalized economy.

e-RUPI is a cashless and contactless instrument for digital payments. It acts as an e-voucher based on a QR code or SMS string, which is delivered to the mobile phones of the beneficiaries. e-RUPI connects the sponsors of the services with the beneficiaries and service providers digitally without any physical interface. It also ensures that the payment to the service provider is made only after the transaction is completed.