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02-08-2021|Asia

PM Modi launches e-RUPI: India’s new purpose-specific digital payment solution.

Everyone will benefit from the eRUPI voucher, which will help them achieve targeted, transparent, and leakage-free delivery, Narendra Modi stated.

The e-RUPI digital payment solution, which is a person and purpose specific cashless digital payment solution, was introduced by Prime Minister Narendra Modi via videoconference.

While speaking at the event, he noted that the eRUPI voucher represented how India was developing by integrating people's lives with technology.  He expressed his satisfaction that this forward-thinking reform plan had arrived at a time when the country was commemorating the Amrit Mahotsav, which marked the country's 75th anniversary of independence.

In addition to the government, he claimed that any organization wishing to assist someone with their treatment, schooling, or other work might do so by giving an eRUPI voucher rather than cash. This would ensure that the money he gave was used for the purpose for which it was provided.

“eRUPI will ensure that the money is utilized for the purpose for which any help or benefit is being provided,” the Prime Minister said. There was a time when technology was supposed to be the domain of the wealthy, with no place for it in a developing country like India. He noted, "Today, we see technology as a means to help the poor, as a tool for their progress."

New opportunities

Mr. Modi emphasized how technology was bringing openness and integrity to transactions, as well as offering new opportunities for the underprivileged.

The groundwork for today's unique offering was laid over the years by developing the JAM system, which linked mobile and Aadhaar. “It took some time for the benefits of JAM to become obvious to the public, and we observed how we could support the needy throughout the lockdown period, while countries struggled to help their citizens,” he explained.

Over Rs. 17.50 lakh crore had been sent directly into people's accounts under the Direct Benefit Transfer system (DBT).“DBT is used in approximately 3,000 schemes that benefit 90 million Indians in a variety of ways, including LPG, rationing, medical treatment, scholarships, pensions, and wage disbursement. In addition, under the PM Kisan Samman Nidhi, Rs. 1,35,000 crore have been directly given to farmers. A total of Rs. 85,000 crore was disbursed in this manner for government wheat purchases. The largest benefit of it all was that a total of Rs. 1,78,000 crore was kept out of the wrong hands,” he said.

Record UPI transactions

The development of digital transactions have aided the poor and disadvantaged, small businesses, farmers, and tribal populations. He emphasised that this could be felt in the record 300 crore UPI transactions in July, amounting to Rs. 6 lakh crore.

Through innovations and the use of technology in service delivery, India was proving to the rest of the world that "we are second to none in adopting technology and adapting to it." He stated that the country had the ability to provide global leadership alongside major countries of the world.

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