digital payment platform hit hard ‘Digital Payment Initiative’ was launched bye-rupee‘ on Wednesday. The company went live with the application for all its 6.75 lakh POS and 1.1 million QR merchants. Mswipe hopes to enable merchants in India by easing their access to use e-RUPI Live on its platform and accept digital payments. The company itself has been a promoter in the past MSME Sector According to the press release. This new facility is expected to bring a more streamlined approach to digital transactions through e-RUPI.
What exactly is e-RUPI?
E-RUPI is essentially an electronic voucher based digital payment system. It is given through a QR code or SMS string-based voucher. What makes it so unique is that it doesn’t even require a merchant card, net banking or an app. It also carries an additional layer of security as it is a prepaid function.
Another notable quality is that vouchers can be specific to a particular person or for a certain purpose, such as purchasing goods from a merchant or seller. The e-RUPI solution was first launched in August of this year by Prime Minister Narendra Modi in an effort to provide a digital payment solution between the sponsors of services and their beneficiaries. The digital payment solution was developed in a collaborative effort between the Department of Financial Services and the National Health Authority. The payment solution is powered by the National Payments Corporation of India (NPCI).
How does e-RUPI work on mSwipe?
Now that Mswipe has incorporated this function on its platform, merchants can use the ‘UPI Voucher’ feature on the Mswipe Merchant App when they are trying to accept pre-paid e-RUPI based payments from their customers. be. These payments can be accepted at the merchant’s POS terminals or by registering on the mSwipe merchant app. The advantage of using this app and e-RUPI is that customers can experience a somewhat ‘hands-free’ lifestyle. The reliance on carrying cards, accessing online banking or other forms of digital payments will be reduced, the company said in a press release. The company attributed these claims to the fact that the customers would be able to receive the said vouchers through SMS on their Aadhaar registered mobile numbers.
The e-vouchers can also be used for other government welfare programs like vaccination campaigns, nutrition, health care and even fertilizer subsidy, according to the press release. Mswipe said in the release that it also helps people in the corporate sector as it can assist companies to reimburse their employees for other expenses such as COVID inoculation, travel allowances, business expenses and corporate social responsibility initiatives.
Ankit Bhatnagar, Product Head, mSwipe, said, “The e-RUPI built on the UPI platform is a step towards expanding the digital payments infrastructure in the country and empowering businesses to accept payments from their customers in the most appropriate form. It democratizes digital payments as well as has tremendous potential to limit the misuse of subsidies under government welfare schemes and corporate assistance programs for its employees.Providing e-RUPI to our merchants to improve customer experience It is a step towards our commitment to empower people to adopt all kinds of digital acceptance methods to create and boost their revenues.”
In this case the ultimate goal of e-RUPI is to connect the sponsors of the services with the beneficiaries as well as the service providers through a unified digital interface. According to the company, while offering transparency as well as strengthening Direct Benefit Transfer, it was also cited as the way forward.
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