Digital payment, cryptocurrencies I think all these things are very familiar to you especially in this quarantine period most of us purchasing are mostly based on this digital payment method.
So if we aware of digital payment then we must used one of the following apps for it. Such as Paytm, Gpay, phonepe and etc. Now our Indian government will also launched one payments app but it is very different from the used at the same time they told that it is a secured one and it has no loop hole. So our today's topic is what is it and why they told it was different and what level of security it provides.
Before move on to the definition we must know the name of the app i.e e-RUPI. Now the definition part, e-RUPI is a cashless and contactless digital payments medium, which will be delivered to mobile phones of beneficiaries in form of an SMS-string or a QR code. This will essentially be like a prepaid gift-voucher that will be redeemable at specific accepting centres without any credit or debit card, a mobile app or internet banking. e-RUPI will connect the sponsors of the services with the beneficiaries and service providers in a digital manner without any physical interface.
I think now you all know what is it OK then now let's move on to the pros and cons of it.
According to the government, e-RUPI is expected to ensure a leak-proof delivery of welfare services. It can also be used for delivering services under schemes meant for providing drugs and nutritional support under Mother and Child welfare schemes, TB eradication programmes, drugs & diagnostics under schemes like Ayushman Bharat Pradhan Mantri Jan Arogya Yojana, fertiliser subsidies etc. The government also said that even the private sector can leverage these digital vouchers as part of their employee welfare and corporate social responsibility programmes.
Through this we all know that e-RUPI is easy, safe and secure as it keeps the details of the beneficiaries completely confidential. The entire transaction process through this voucher is relatively faster and at the same time reliable, as the required amount is already stored in the voucher.
But the major cons the beneficiary not required to disclose their identity, these vouchers are also likely to be claimed by other people.
Through this I remembered the following
"Nothing is Perfect"
OK now you all understand what E-RUPI is and the working process of it.
Thank you for reading!!!
If you found anything wrong, then let me know through the comments section. If you found the content is valuable, then share it with your friends.