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PM Modi launches new digital payment system e-RUPI: Key points – Times of India

NEW DELHI: Prime Minister Narendra Modi on Monday launched India’s new digital payment system e-RUPI via video conferencing.
It is developed by the National Payments Corporation of India (NPCI) on its UPI platform, in collaboration with the department of financial services, ministry of health & family welfare and national health authority.
e-RUPI is a cashless and contactless instrument for digital payment. It is a QR code or SMS string-based e-voucher, which is delivered to the mobile of the beneficiaries
It connects the sponsors of the services with the beneficiaries and service providers in a digital manner without any physical interface.
Here are the key points from Modi’s address:
* e-RUPI voucher will help make digital transactions more prevalent in the country.
* Today the country is giving a new dimension to digital governance with e-RUPI.
* The voucher is going to play a vital role in making direct benefit transaction (DBT) more effective in digital transactions in India.
* It will help everyone in targeted, transparent and leakage free delivery.
* This technology will help not only the government but if any general organisation wants to help someone in their treatment, in their education or for any other work, then they will be able to give e-RUPI instead of cash.
* The platform will ensure that the money given by any organisation is used for the same work for which that amount was given.
* e-RUPI is person as well as purpose specific. Today thinking of the country is different and new. We are looking at technology as a tool to help the poor, a tool for their progress.
* e-RUPI is an example of how India is moving forward & connecting people in the 21st century with the help of advanced technology.
* I’m glad that it has started in the year when India is celebrating its 75th year of Independence.
* Today, India is showing the world that they are second to none in adopting technology and connecting with it.
* When it comes to innovations, use of technology in service delivery, India has the ability to give global leadership along with big countries of the world.
* The government started PM Svanidhi Yojana under which it could help more than 23 lakh street vendors. During this time of Covid, about Rs 2,300 crore has been given to them.
* The world is accepting the iron of the work that has been done in the last 6-7 years for digital infrastructure and digital transactions in the country.
* Especially in India, a huge base of fintech has been created. Such a base is not there even in big countries.
* More than 300 crore transactions happened through UPI in July with over Rs 6 lakh crore being transacted.