Q. Consider the following statements about e-RUPI:
1. e-RUPI is a cashless and contactless instrument for digital payment.
2. It has been developed by National Payments Corporation of India (NPCI) in collaboration with the Department of Financial Services (DFS), the Union Health Ministry and the National Health Authority (NHA).
Which of the statements given above is/are correct?
Answer: C
Notes:
About e-RUPI: e-RUPI is a cashless and contactless instrument for digital payment. It is founded on the Unified Payment Interface (UPI) platform.
Purpose: It is designed to be a person and purpose-specific digital payment solution. It seeks to ensure that government schemes reach intended beneficiaries in a targeted and leak-proof manner, with limited touch points between the government and the beneficiary.
Developed by: National Payments Corporation of India (NPCI) in collaboration with the Department of Financial Services (DFS), the Union Health Ministry, and the National Health Authority (NHA).
Features of e-RUPI:
- Firstly, e-RUPI connects the sponsors of the services with the beneficiaries and service providers in a digital manner without any physical interface.
- Secondly, it ensures that the payment to the service provider is made only after the transaction is completed.
- Thirdly, being pre-paid in nature, it assures timely payment to the service provider without the involvement of any intermediary.
Source: EPIC August 2021
