Search
Non-banking prepaid payment instruments issuers gets nod to issue e-RUPI vouchers
June 09, 2023
The Reserve Bank of India (RBI) on June 8 said it will allow non-banking prepaid payment instruments issuers to issue e-RUPI vouchers, said RBI Governor Shaktikanta Das.
The e-RUPI vouchers are pre-paid digital instruments that a beneficiary gets on his phone in the form of an SMS or QR code.
“These measures will make the benefits of e-RUPI digital voucher accessible to a wider set of users and further deepen the penetration of digital payments in the country,” Das said in his monetary policy review speech on June 8.
The central bank also proposed to enabling issuance of e-RUPI vouchers on behalf of individuals to simplify the process of issuance and redemption.
Prime Minister Narendra Modi on August 2. ,2021, launched e-RUPI, a cashless and contactless instrument for digital payment. e-RUPI is a one-time contactless, cashless voucher-based mode of payment that helps users redeem the voucher without a card, digital payments app, or internet banking access.
Purpose-specific e-RUPI vouchers are now issued by 21 banks in partnership with the National Payments Corporation of India (NPCI) for specific reasons such as payment of hospital bills, etc.
Important Links:
- 4-IN-1 Professional Diploma in Banking, Financial Services & Insurance (PDBFSI): https://tscfm.org/courses/4-in-1-professional-diploma-in-banking-financial-services-insurance-pdbfsi/