What is eRupee?
The Indian government just introduced the eRupee or eRupi, a new payment idea. What is it that so many people are confused about? Is this a Bitcoin or a Cryptocurrency? In such a circumstance, we assumed that some name should be considered in some depth so that everyone understands exactly what it is? And how do you get the ERupi App and use it?
When we hear the term “electronic currency,” the term “cryptocurrency” comes to mind first. Because we’ve all heard the term “Bitcoin” so many times that it’s stuck in our heads. As the Indian government gave the introduction of the eRupi payment system and informed us about the new electronic currency.
eRUPI is a slightly different application. I will tell you a little in this blog then you will understand what kind of electronic currency it is? And will give information about how to download the E-RUPI App, from which you will learn about using it and will be able to handle it yourself in future.
e-RUPI has been built with the help of NCPI (National Payment Corporation of India) and the Finance Department and has been approved by RBI (Reserve Bank of India).
Prime Minister Narendra Modi himself has given complete information about this app through one video, what is this application about? And how can we use it?
Because eRUPI is not a digital currency, this is the government of India’s first step toward digital currency. If you think it’s Cryptocurrency, you’re wrong; it’s merely the first step toward something bigger. As its name implies, it is an electronic voucher-based digital payment system in which the user receives prepaid payment vouchers that can be used instead of cash.
E-RUPI will be a cashless and contactless payment system that will be accessed by SMS and QR codes. Users can use it as a gift voucher and pay without a credit card or debit card wherever it is accepted at the time of introduction, although there are some restrictions.
In E-RUPI, you will mainly notice some features such as
- The eRupi payment method will be contactless and cashless.
- An e-voucher will be issued to the beneficiary through a QR code or SMS in this case.
- A voucher code will be used to send the money directly to the beneficiary’s account.
- Beneficiaries will be able to make payments on behalf of the government at the service provider centre.
- The eRupi coupon will be instantly linked to the recipient’s cell phone number, ensuring that no one else can use it.
How does eRUPI work?
As you already know, eRUPI has a facility of cashless and contactless digital payment that will be transferred straight to the beneficiary’s mobile by SMS or QR Code. If we say it in an easy style, then it will be a sort of prepaid e-voucher that will be used for payment. As you must have observed, your Amazon gift card is a voucher and we can do any shopping online with it. But there is a certain limit in the voucher for Amazon gifts. Therefore, RBI has been accredited to make Erupi, that is, it can be used with the number of banks in the country at that time.
How to Download the eRupee App?
- First, open your Google Play store.
- Search for the eRupi App on the play store.
- Click on the first eRupee App which has a real monogram of the app.
- Click on the Download button and install it on your phone.
- After finishing the downloading and installing process, begin with the eRupi App with making your profile and start using it for the eRupee Voucher.
Advantages of eRupee Voucher
Here are some of the advantages of e-Rupee Voucher-
- It can be used to exchange digital vouchers for any government benefit.
- It can also be given to someone who needs medical assistance.
- You can also keep track of whether an eRupi Voucher is being used for the same reason or not.
- This is built on the UPI platform, so you can trust it for future transactions and vouchers.
Frequently Asked Questions About eRupee
What is the main goal of the E-Rupi Voucher?
Its primary function is to transfer person and purpose-specific vouchers that can be traced back to their intended use.
How can I get an E-Rupi Voucher?
You can send it to someone’s phone number in the form of an SMS or a QR code that can be displayed and used to get the advantage.
What is e-RUPI Digital Payment, and how does it work?
The e-RUPI digital payment network is the Indian government’s first payment system that allows citizens to conduct cashless transactions.
Is there an E-RUPI app?
No, the E RUPI App is not available right now; however, you can utilise the BHIM UPI App to access this service.
What is the full form of NPCI?
NPCI stands for Nation Payments Corporation of India.
What is the National Parks Conservation Initiative (NPCI)?
The National Payments Corporation of India (NPCI) is a government-owned corporation in India. The Reserve Bank of India’s initiative, the National Payments Corporation of India (NPCI), is an umbrella body that manages India’s retail payment and settlement systems.