๐น About
1. A cashless and contactless method for digital payment.
2. A Quick Response (QR) code or SMS string-based e-voucher, which is delivered to the mobile of the users.
3. Will be able to redeem the voucher without needing a card, digital payments app, or internet banking access, at the service provider.
4. It ensures that the payment to the service provider is made only after the transaction is completed.
5. The system is pre-paid in nature and hence, assures timely payment to the service provider without the involvement of any intermediary.
๐น Different from Virtual Currency:
1. e-RUPI is still backed by the existing Indian rupee as the underlying asset and specificity of its purpose makes it different to a virtual currency and puts it closer to a voucher-based payment system.
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