PM Modi to launch e-RuPI payment service on August 2
It is a cashless and contactless means of digital payment
It features a QR code or SMS string-based e-voucher that will be delivered to the beneficiary’s mobile
The beneficiary will receive an OTP at the time of redeeming the voucher
A user can redeem the voucher with the help of the e-RUPI payment service
It requires no card, digital payments app or internet banking access
The maximum payment limit is Rs 10000
RBI has approved three categories of voucher issuing entities
They are banks, payment service providers and entities that hold licences for pre-paid instruments
A number of banks like HDFC, ICCI, Bank of Baroda, SBI and Axis Bank have already came on board
The system has been developed by the National Payments Corporation of India (NPCI)
In collaboration with the Dept of Financial Services, Ministry of Health and Family Welfare and National Health Authority
