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e-RUPI May Completely Negate Pilferage; Ensure Full Benefit To Beneficiary: Industry
The voucher system will enable all beneficiaries, including feature phone-users, to benefit through this mechanism and it will also be an excellent tool for the corporates, through which they can extend employee and community welfare schemes
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The launch of e-RUPI, a person- and purpose-specific digital payment solution, by the government is expected to completely negate any pilferage and will ensure full benefit to intended beneficiaries, India Inc said on Monday.
Prime Minister Narendra Modi has launched e-RUPI, which is aimed at improving transparency and targeted delivery of benefits.
PHD Chamber of Commerce and Industry President Sanjay Aggarwal said that the move is a significant step to enhance the digitization process of the country.
'Going ahead, e-RUPI will help enhance the percolation of various schemes of the government at the ground level. It will speed up as well as ease the process of social welfare schemes and also help increase the private sector's efficiency in corporate social responsibility activities,' Aggarwal said.
Sharing similar views, CII President T V Narendran said that through this payment mechanism, the government can extend monetary support to citizens without involvement of intermediaries.
The voucher system will enable all beneficiaries, including feature phone-users, to benefit through this mechanism and it will also be an excellent tool for the corporates, through which they can extend employee and community welfare schemes, he said.
Sanjiv Bajaj, President-designate, CII, said, 'This is expected to completely negate any pilferage and will ensure 100 per cent benefit to the intended beneficiaries. This mechanism is expected to make DBT (direct benefit transfer) more efficient and has all the ingredients to ensure the spread of financial inclusion by the government but also by corporates to extend employee and community welfare schemes.” Chandrajit Banerjee, Director General, CII, said that the launch of e-RUPI will ensure that benefits reach the intended beneficiaries.
Ficci said that with this launch, the government will now be able to connect sponsors of the services with the beneficiaries and service providers in a digital manner and without any physical interface.
“The e-RUPI system will not only ensure that there are no leakages in the delivery of government services but also offer a much-needed ease and convenience to the people who are the recipient of such services,' it added.
Spice Money founder Dilip Modi said the launch of e-RUPI will bring technology into the hands of billions, specially at the last mile. 'There have been many conversations around ensuring leak-proof welfare to beneficiaries by leveraging new-age tech, however, the launch of e-RUPI today makes India a global pioneer in the digital payments ecosystem. With the pandemic, the growth of the fintech sector, particularly digital payments, has been at rocket-speed,' he said.
Mumbai-based fintech company Infrasoft Technologies also welcomed the move.
'The system will now allow the Indian government to implement their welfare policies at speed and scale eliminating the multiple tedious processes beneficiaries went through to get funds previously.
'e-RUPI would also promote financial inclusion by enabling the underbanked population to receive the benefits and funds of welfare schemes and play a crucial role in bolstering the economy of the country from the ground up,' Infrasoft Technologies MD and CEO Rajesh Mirjankar said.
InfrasoftTech provides the e-RUPI technology stack to banks by helping them in implementing the technology - right from integration with the existing systems to deployment as per their target beneficiaries.
Currently, it is working with two of the 11 live banks as per NPCI. It is shortly adding more client banks with the e-RUPI features, it said.
Anand Kumar Bajaj, founder and CEO of PayNearby, said this is the next best step to take high-end tech to the bottom of the pyramid. 'Targeted, transparent and leakage-free delivery to the end point is the intention of policy makers and we are happy that PayNearby will be able to enable this objective,' he added.
Amit Nigam, COO & Executive Director of BANKIT, "e-RUPI will help take digital payments one step ahead in India. It’s a huge development for financial inclusion in India. It will ease the DBT process and help reach the benefits to the last mile more easily and quickly. It is a huge development for the Fintech industry and will help take financial services to the unserved and underserved population which constitutes most of the rural population. The new payment system will help beneficiaries to receive and use money easily with just a mobile phone without any technological pre-requisites can helping people from the last mile to get more health benefits and other government benefits making living conditions easier for the underprivileged."
Prof (Dr.) Sanjiv Marwah, Director, JK Business School on the launch of e-RUPI,” With the increase in the number of digital payments, the growing popularity of cryptocurrencies like Bitcoin, e-RUPI is a revolutionary initiative in the direction of India’s payments system at the very right time. This cashless and contactless solution for digital payment will work like a gift card which allows users to redeem the voucher without a card, digital payments app or internet banking access, or even a smartphone at the service provider. e-RUPI is the epitome of how our country is leveraging technology in order to streamline the time-taken processes and connecting people in the 21st century. Moreover, this initiative will further boost the mission of Digital India and bring a digital revolution in the country.”
Sam Gupta, Director & CEO, RBP Finivis “The launch of e-RUPI has been the most innovative initiative taken by our Honourable PM. He has given the greatest gift to the underprivileged population where corruption in providing government subsidies will now directly be availed by the legitimate nominee of such grants. It will help the rural population of the country to shift focus to online payments. The most beneficial will be the farmers of India who will now enjoy the benefit of e-RUPI voucher to be redeemed in buying fertilizers without the corrupt system. As a founder of a digital payment platform our aim is also to make India Atma Nirbhar, as the success of digital financial services depends on the transformation of rural India from a cash-driven economy to a less-cash and more digital payments economy. I think this initiative will bring more change in the fintech industry and make people more technology driven which will result in less frauds.”
Sucheta Mahapatra, MD, Branch Personal Finance App "We welcome this change from the Indian government. We can imagine how an initiative like this can help the rural/underprivileged/underserved population. The execution and distribution of this would be pivotal in the success of this."