India takes first step towards its own digital currency with e-Rupi
Giving India’s booming fintech sector another boost, Indian Prime Minister Narendra Modi launched e-Rupi, a digital voucher platform scheme that can transform the way Indians access and pay for a host of government services. It is also open to the private sector for payment to employees. This will accelerate the adoption of digital payments across India.
India, which has emerged as one of the world leaders in fintech, took the first step towards having its own digital currency with the launch of the e-Rupi digital payments platform by Indian Prime Minister Narendra Modi on Monday.
This will be a revolutionary initiative in the direction of ensuring leak-proof delivery of welfare services, the Prime Minister’s Office (PMO) said in a statement.
Like a prepaid gift voucher
“Today, the country is giving a new dimension to digital governance. e-Rupi voucher is going to play a huge role in making digital transactions and DBT more effective. This will help everyone in targeted, transparent leakage-free delivery,” Modi said at the launch of the platform.
The e-Rupi will essentially be like a prepaid gift-voucher that are redeemable at specific accepting centres without any credit or debit card, a mobile app or internet banking. e-Rupi, which has been developed by the National Payments Corporation of India (NPCI) in collaboration with the Department of Financial Services, Ministry of Health & Family Welfare and National Health Authority, will connect beneficiaries and service providers digitally, i.e., there will be no necessity for any physical contact between them. The platform is, thus, a person and purpose-specific payments platform.
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