India launched new monetary system e RUPI on August 2 . You or someone you know knows what to do when money comes in as an e rupi. E-Rupee is India’s new digital money transfer system. You do not need a credit card or mobile app to use the money. At the same time, it is a cashless, contactless digital payment method. Beneficiaries will receive a QR code, or a bunch of e-voucher-centric SMS. You do not need internet banking to exchange the money received in this way.
The new system has been developed by the National Payments Corporation of India through the UPI platform. The Department of Financial Services, the Ministry of Health and Family Welfare and the National Health Authority are also involved. The e-rupee will only arrive in the name of a particular person. It will be sent for a specific purpose only. Such e-vouchers can be sent by the government and corporations through their banking partners. This is a one time money transfer method. The recipient will not have the right to transfer it to another person unless he can cash it. The RBI has authorized only three categories of offices to issue such vouchers – banks, payment service providers and holders of prepaid instrument licensees.
The maximum amount that can be transferred in this way will be Rs.10,000. It can only be used once. Transfer is not possible. The bank can be approached to transfer the e-rupee to a government agency or corporate that agrees to these terms. The recipient of the e-Rupee will receive an OTP at the time of converting it into cash. Another document will be the voucher or QR code received. The recipient of the e-rupee will have an app in their hand. You can scan e-voucher and OTP through the app.
Many banks have come forward to collaborate with e-Rupee. Many banks like HDFC, ICICI Bank, Axis Bank, State Bank of India and Bank of Baroda will cooperate with it. Pine Labs and Bharatpe will also be collaborating.
So what’s so significant about a goat’s head? ” More details are expected to come out soon. In any case, one purpose is to send things, including some government subsidies, directly to those who own at least one basic phone. Vouchers and QR codes obtained in this way can also be converted into contactless. This will be another cashless transaction for the country that plans to launch its own cryptocurrency.
