RBI Expands Reach of e-RUPI Vouchers For Broader Digital Payment Access, Check Details Here

RBI has now suggested to broaden the scope and reach of e-RUPI vouchers by allowing non-bank prepaid payment instruments (PPI) issuers to issue e-RUPI vouchers; allowing e-RUPI vouchers to be issued on behalf of individuals; and simplifying the issuance, redemption, and other processes. These initiatives will make the benefits of the eRUPI digital voucher available to a broader range of consumers and deepen the country's digital payment penetration.

e-RUPI is a person and purpose-specific cashless e-voucher designed to ensure that the saved money value reaches its intended beneficiary and may only be used for the benefit or purpose intended.

What is e-RUPI?

e-RUPI is a person and purpose-specific cashless e-voucher designed to ensure that the saved money value reaches its intended beneficiary and may only be used for the benefit or purpose intended. The goal is to provide a low-cost, leak-proof distribution method for a variety of government Direct Benefit Transfer (DBT) programmes across the country. Organisations that want to fund welfare services with e-RUPI rather than cash can also use the digital e-voucher platform.

Merchants who accept e-RUPI can take payments via this one-time payment mechanism. Organisations or government entities give e-RUPI to beneficiaries by SMS or QR code for specific objectives or activities.

Features

• The e-RUPI voucher is a comprehensive digital solution for providing benefits and services to beneficiaries.
• The sponsor can issue e-RUPI with the help of Issuer banks.
• e-RUPI is a one-time and multiple-use contactless, cashless voucher-based payment method that allows users to redeem the voucher without using a card, digital payments app, or internet banking.
• e-RUPI is a person-specific and even purpose-specific digital voucher, which implies that these coupons can be used for a specific purpose by the person (to whom the voucher is issued).
• The beneficiary receives an e-RUPI voucher in the form of an SMS/QR code on their mobile phone.
• The beneficiary can use the e-RUPI coupon at any merchant centre that accepts e-RUPI.

Who can issue e-RUPI?

Only banks authorised by the RBI to issue Prepaid Payment Instruments (PPI) and who participate as Payment Service Providers (PSP) in the UPI ecosystem (referred to as the "Issuer") can issue e-RUPI.

What is the maximum amount for voucher creation?

The maximum limit for each e-RUPI should not exceed INR 10,000 or as set by the regulator.