Being launched amid COVID-19 on the 2nd of August 2021, this payment mode took birth to facilitate cashless digital transfers among citizens.

The e-RUPl

The e-RUPI is a pre-paid digital voucher that facilitates cashless transactions. One can redeem the voucher without the internet, i.e. the user can redeem the e-RUPI without utilizing internet banking services or bank cards (credit/ debit).

It is a safer method of payments and transactions as the details of the beneficiaries are kept confidential. At the same time, the payments are quick and authentic.

How e-RUPI works

The service consumer will receive the SMS string or QR code on the user’s phone. The user should present this code or the SMS string to the service provider (such as a hospital or PHC) and scan it. The payment would be successful after a verification code was provided to the beneficiary’s phone and shared with the retailer.

Features & Applications of e-RUPI

The stark features of the e-RUPI are as follows:

Safe and Secure

The payment gets redeemed by scanning a QR code or an SMS string. The authorization of vouchers is via a verification code shared by the beneficiary, thus making digital transactions easy & secure. The details of the beneficiaries are not disclosed during or after the transaction. Thus maintaining the privacy of the user.

Contactless payment

In addition, the innovation employs a contactless, cashless payment by scanning a QR code. Handling cash or cards is not necessary. Moreover, you can exchange the voucher for the exact change that you need to pay.

Easy and Hasslefree

The user merely needs to generate the voucher or redeem the voucher. The transaction neither requires the internet nor a bank account to function. It also eliminates the need to carry cash or a card. In addition, it’s a one-time, purpose-specific, value-specific event. 

One-time, purpose-specific

Moreover, these e-RUPI vouchers are individual and purpose-specific and can only be used for the precise purpose for which it gets issued.

Monitored payment

The utilization of vouchers is visible, and the issuer can monitor payment. In addition, Costs are reduced because it is an entirely digital transaction that doesn’t need a physical issue (card or voucher).

Applications:

1. By providing UPI Prepaid Vouchers to their staff, many corporations can promote their well-being. Distribution of vouchers to a cohort of people is contactless, quick, and safe.
2. One can use these vouchers in a purpose-specific fashion. In extension, one can utilize the payment mode in hospitals, service centers, government offices, and more. 
3. Considering one does not need a bank account to make payments, citizens of a lower economic background can function with a phone and handle transactions with the SMS generated.
4. This technology fosters financial inclusion in the country. All micro, small, and medium enterprises need not worry about payment technologies during their initial stages.

Banks Live with e-RUPI

Many central and private banks already facilitate and support this innovation. Some of the banks are:

• State Bank of India
• HDFC Bank
• Axis Bank
• Punjab National Bank
• Bank of Baroda
• Canara Bank
• IndusInd Bank
• ICICI Bank

Summary

The e-RUPI is an initiative by the Government of India to make digital transactions and process transfers without a smartphone, internet, or bank details.

It is a pre-paid voucher for a fixed amount. It is issued by the payer. The transaction occurs by scanning the QR code/ SMS string, followed by payment verification.

It’s a secure and safe system as it doesn’t require details of either party. It’s fast, reliable, and enables everyone to participate in this contactless payment model.

One can avail the electronic vouchers from their partner banks and avail features and utilize them in hospitals, purchases, and much more!

FAQs

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The pandemic has shifted many businesses online. Moreover, not every business is well equipped to handle business operations being online. InnovaRise, with its vast expertise and experience in the field, is all set to get such businesses on the digital track. A gentle push into the digital direction by InnovaRise can take any business onto the path of success. 

The company has a strong footing in providing IT services. That involves services such as mobile development, web development, UI/UX, and e-commerce development. Now InnovaRise is creating a niche for itself in marketing and ed-tech. This includes branding, ed-tech, web analytics, social media marketing, and content writing. This move will make the company a one-stop destination to cater to all the digital needs of any business.  

Branding

Branding helps in changing the way clients perceive the company. It also helps in bringing more business to the company. InnovaRise aims at filling the same gap between clients and the company by the virtue of customized branding. 

Ed-Tech

The education industry is different from the other corporate companies in all terms of marketing and sales. And given the current scenario, the educational industry is seeing shifts like no other. InnovaRise very well understands this need of the industry. Thus, it is focusing on helping the educational industry with its expertise in the area of technology. 

Web Analytics

Web Analytics helps in understanding the needs and behavior of the clients. But it also helps in growing its reach by making the company website appear more frequently on search engines. This helps in laying down the foundation for getting more clients. InnovaRise takes pride in helping companies lay up this strong foundation. 

Content Writing

Content has become an integral part of any brand. This is because it helps its website rank higher on Google with Search Engine Optimisation. No matter what industry a company strives in, content writing combined with SEO can help it reach the next level. Thus, InnovaRise with its team of highly trained professionals to help in the process.

Social Media Marketing

Social Media is the new trend sweeping the ground off companies’ feet. It is completely changing the way companies traditionally operated. Thus, it is important for any company to have a good social media presence. InnovaRise believes that social media is the key to conquer a new generation of clients while constantly staying in touch with the current clients. 

This expansion has is a huge opportunity for InnovaRise and for the environment the company grows in. It has provided an incredible opportunity for unhired professionals looking for a career in marketing. InnovaRise is also expanding its capacity with the company now having two offices. This surely is a year of certain opportunity for the company in times of sheer uncertainty of the pandemic. 

About InnovaRise

InnovaRise was founded by a team of technocrats with experience in industries like Education, Telecom, Insurance, and Business Process Outsourcing. It has varied experience and a vision for innovation. They have provided stellar services to their clients over years and pride themselves in providing integrated solutions. They aim to simplify digital transformation. Moreover, it strives to provide a platform for entrepreneurs, small businesses, and big corporations to improve their business impact. The company is guided by strong values of innovation, commitment, and trust. Over the years, they have grown into a team of expert developers, who transform your ideas into digital products. They boast a diverse client portfolio spread across the globe. Surely, they are the right choice of technology partner for any company. 

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