E-RUPI latest news! SBI takes lead to boost digital payment solutions- check other banks in the race?

SBI is also utilising business analytics to develop strategies to penetrate into hitherto untouched Indian towns and cities through merchant centric digital payments solutions

e-RUPI should not be confused with Digital Currency which RBI is contemplating. Instead e-RUPI is a person specific, even purpose specific digital voucher.

Giving a boost to cashless, digital payment solution e-RUPI, the State Bank of India (SBI) teams up with Hitachi Payment Services to develop the capability to acquire e-RUPI transactions on the Yono SBI Merchant app.

It said merchants can now use the UPI Voucher feature on the Yono SBI Merchant App to accept prepaid UPI e-vouchers. Similarly, Hitachi Payment Services will also support SBI Payments in merchant on-boarding and merchant transaction settlements for e-RUPI. launch SBI Payment Services for establishing a state-of-the-art digital payments platform for India and other countries in the region.

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What is e-Rupi?

The National Payments Corporation of India (NPCI) with the Department of Financial Services (DFS), National Health Authority (NHA), Ministry of Health and Family Welfare (MoHFW), and partner banks, have launched an innovative digital solution – e-RUPI.

The users of this seamless one-time payment mechanism will be able to redeem the voucher without a card, digital payments app or internet banking access, at the merchants accepting e-RUPI. e-RUPI would be shared with the beneficiaries for a specific purpose or activity by organizations or Government via SMS or QR code.

This contactless 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.

e-Rupi Live Banks

NPCI has partnered with 11 banks for e-RUPI transactions. They are Axis Bank, Bank of Baroda, Canara Bank, HDFC Bank, ICICI Bank, Indian Bank, IndusInd Bank, Kotak Mahindra Bank, Punjab National Bank, State Bank of India and Union Bank of India.

The acquiring Apps are Bharat Pe, BHIM Baroda Merchant Pay, Pine Labs, PNB Merchant Pay and YoNo SBI Merchant Pay. More banks and acquiring Apps are expected to join the e-RUPI initiative soon.

Where to Use?

To begin with, NPCI has tied up with more than 1,600 hospitals where e-RUPI can be redeemed. Experts say, in the days to come the user base of e-RUPI is expected to widen, with even private sector using it to deliver employee benefits and MSMEs adopting it for Business To Business (B2B) transactions.

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