Using this technology, Corporates would also be to distribute e-RUPI vouchers to their employees. As the transfer of this e-card is entirely online, the costs associated with it are comparatively less. The beneficiary need not worry about carrying a physical copy of the voucher at the merchant’s place as everything can be done on the user’s phone. The amount is already loaded onto the voucher, hence the beneficiary can quickly redeem the amount without stressing over payment failures or rejections.
Currently, the banks that are live with e-RUPI are SBI, HDFC Bank, Axis Bank, PNB, BOB, Canara Bank, IndusInd Bank, and ICICI Bank. This could be India’s first step towards digitizing currency. At the rate with which finance is automating, we hope to see many more Government initiatives to make this industry adept.