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Economy
Mahesh

08/10/22 07:08 AM IST

RBI to soon start pilot project on digital currency for limited use

In News 
  • The Reserve Bank of India (RBI) will soon commence limited pilot launches of the digital rupee for specific use cases.
E-Rupi Project
  • e-RUPI is basically a digital voucher which a beneficiary gets on his phone in the form of an SMS or QR code. 
  • It is a pre-paid voucher, which he/she can go and redeem it at any centre that accepts its.
  • For example, if the Government wants to cover a particular treatment of an employee in a specified hospital, it can issue an e-RUPI voucher for the determined amount through a partner bank.  The employee will receive an SMS or a QR Code on his feature phone / smart phone.  He/she can go to the specified hospital, avail of the services and pay through the e-RUPI voucher received on his phone.
  • Thus e-RUPI is a one time contactless, cashless voucher-based mode of payment that helps users redeem the voucher without a card, digital payments app, or internet banking access.
  • The National Payments Corporation of India (NPCI), which oversees the digital payments ecosystem in India, has launched e-RUPI, a voucher-based payments system to promote cashless transactions.
Benefits
  • e-RUPI does not require the beneficiary to have a bank account, a major distinguishing feature as compared to other digital payment forms. 
  •   It ensures an easy, contactless two-step redemption process that does not require sharing of personal details either.
  • Another advantage is that  e-RUPI is operable on basic phones also, and hence it can be used by persons who do not own smart-phones or in places that lack internet connection.
Source- Live Mint

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