The corporate or government agency is required to approach the partner bank private and public sector lenders along with the details of the specific person and purpose for which the payment is required to be made. The identification of beneficiaries will be done by using their mobile number voucher allocated by the bank. This platform will be our revolutionary digital initiative which will improve the standard of living and make the procedure of payment simple.
National Payment Corporation of India is an organization that is responsible for operating retail payments and settlement systems in India. This organization works under the provision of payment and settlement systems act in order to create robust payment and settlement infrastructure in India. National Payment Corporation of India is a non-profit organization that works under the provision of section 8 of the companies act NPCI is also responsible for maintaining the infrastructure for the banking system in India for physical and electronic payment and settlement systems through the use of technology.
This organization focuses on bringing innovation to the payment system by introducing of technology. In this video conferencing Prime Minister Mr. On the occasion of launching this payment platform, the chief executive chairman of the National health authority has also provided highlights of this platform along with the Prime Minister. The first time use of E-RUPI digital payment has been shown in a private vaccination center of Mumbai on the occasion of launching this platform. The main objective of the e-RUPI digital payment platform is to provide a cashless and contactless payment system so that citizens can make digital payments without any kind of difficulty.
With the help of this payment platform, users can make payments in a secure manner. This payment platform uses a QR code or SMS string-based e-voucher which will be delivered to the mobile of the beneficiary.
Users are not required to carry any cards or digital payment app or have internet banking access in order to make payments which will make the payment process simple and secure.
National Payment Corporation of India is responsible for operating retail payment and settlement systems in India. The national payment corporation is offering the following type of services to the citizen of India Through this feature, the multiple bank accounts of a person can merge into a single mobile application.
It is a secure network that protects the users against anti-phishing. BHIM is an app through which you can make simple, easy, and quick payments and transactions by using your unified payment interface. Instant bank to bank payments can make through BHIM and the user can also collect money using just a mobile number or virtual payment address. Through NACH interbank high-volume electronic transactions which are repetitive and periodic in nature are facilitated.
This platform is used by banks, financial institutions, corporate and the government. The users of this seamless one-time payment mechanism will be able to redeem the voucher without a card, digital payments app, or internet banking access, at the merchants accepting e-RUPI. It would be shared with the beneficiaries for a specific purpose or activity by organizations or Government via SMS or QR code.
The entire transaction process through this voucher is relatively faster and at the same time reliable, as the required amount is already stored in the voucher. Your email address will not be published. ET NOW. Brand Solutions. Video series featuring innovators. ET Financial Inclusion Summit. Malaria Mukt Bharat. Wealth Wise Series How they can help in wealth creation. Honouring Exemplary Boards. Deep Dive Into Cryptocurrency.
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