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What's the e-RUPI system and how does it work?

Shortpedia

Content Team
Image Credit: zeenews

Accelerating the transition to a digital financial ecosystem in the country, Prime Minister Narendra Modi launched the e-RUPI digital payment system today. The new person-specific and purpose-specific payments system offers cashless and contactless payment options in the form of an SMS string or QR code that functions as a prepaid gift voucher. e-RUPI was conceptualized as leak-proof delivery system for state-run schemes.