e-RUPI Launch - Comment from PayNearby and Sarvatra Technologies
- Payments , Technical
- 03.08.2021 05:47 pm
Anand Kumar Bajaj, Founder & CEO, PayNearby
This is the next best step to take high end of tech to bottom of pyramid. It will help the Government to dispense the specific policy benefit to an identified user segment without any misuse of the funds or delay. The funds will not need to move around in banks but the beneficiary can directly go to end point to avail the intended benefit.
Beyond a code sending to mobile number of a user, I believe the upgrade can also scan an Aadhaar card at the dispensation counter and identify the user for the respective service. This is the true test of network that has been created at the last mile in India because at PayNearby our merchants will be able to identify the user for right benefit and deliver it in pointed / specific manner. Targeted, transparent and leakage free delivery to the end point is the intention of policy makers and we are happy that PayNearby will be able to enable this objective. The Central Bank Digital Currency movement has already started by India now. While the world is talking of Central Bank Digital Currency, India has already launched it today.
Mandar Agashe, Founder and MD, Sarvatra Technologies, “The new digital payment mode e-RUPI is a digital prepaid voucher shared with beneficiaries for a specific purpose through SMS or a QR code to their mobile number. It will give a new dimension to the digital transactions and as it can be redeemed without a card or internet banking access at the service provider. The best part of the new payment medium is it can be controlled. The issuer can ensure that the money is being spent for the allocated purpose and can track the redemption of the voucher. It is an excellent step towards forming a complete digital economy and yet another step in the right direction for financial inclusion. The introduction of e-RUPI will ensure end to end digital transactions without any physical issuance of prepaid cards or vouchers, leading to cost reduction, transparency and improved efficiency.
e-RUPI is a beneficial instrument for those who are not on digital platforms. It can yet get extended monetary support in digital form directly from the government in the form of a prepaid e-voucher powered by UPI. Besides, this mode makes UPI world’s most advanced product and will help India achieve its social and digital transparency goal.”