Analysts say this is an important
turning point in the reign of digital payments in India. Prime Minister
Narendra Modi launched Indian wallet ‘e-Rupi’. It eliminates middlemen in
transfer of payments between beneficiaries and the government. New e-Rupi was
developed by the National Payments Corporation of India (NPCI).
The NPCI is a
company that manages retail payments and settlement systems in India. It is
owned by the Reserve Bank of India. It said that e-Rupi was created mainly for
digital payments and worked as an e-voucher with QR code or SMS to the
respective phone number.
Users can redeem e-Rupee vouchers
without any card, digital payment app or internet banking. One can use e-Rupee
vouchers without a bank account, Google, Phone Pay, Internet Banking, Smart
Phone. However, e-Rupee is not a payment platform like payment methods like
Google Pay, Phone Pay, UPI, Paytm, and Internet Banking. This is an e-voucher
for certain services only. It is hoped that ‘e-Rupee’ will be much safer and
easier as the details of the beneficiaries will be kept completely
confidential. It is said that transactions made through e-Rupee are fast and
reliable as the required amount of money is deposited in the voucher in
advance.It is an attempt to treat the
e-rupee as a rupee in digital form. It is now called ‘Lakshmi’. Bitcoin is the
largest cryptocurrency in circulation in the private sector. There
is only one difference between e-Rupi and cryptocurrency like Bitcoin is that
e-Rupee is under government control and Bitcoin is not under government
control.What are the uses of e-Rupi?
· The
government is transferring money directly to the bank accounts of the poor and
farmers under various schemes. The same thing happened during the coronavirus.
· Beneficiaries
can get the benefit from the government without third party interference and
any difficulty.
· It
can avoid one layer and reduce corruption.
One can also track whether
a given e-rupee voucher has been consumed, or not. There is a tracking system to
know the details of the e-voucher. Analysts believe that the e-Rupee system
could offer more benefits in that direction. The government expects the use of
digital wallets to increase as the use of cheap smartphones in the country
increases.
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