Cryptocurrency has been very popular and somehow beneficial also to international markets and trade .Moving on the same path ,Reserve Bank of India also decided to launch own digital currency .To enhance ,coagulate  and making more secure to the structure of digital payment in India ;Prime Minister Narendra Modi has announced the launch  of            e-RUPI ,an electronic voucher based digital payment system. It is one of the first step to digitalize the currency and payment platform.

e-RUPI is a cashless as well as contactless payment platform and there will be only  one contact medium that's  mobile phone through which the transactions and money will be delivered  in form of SMS-strings or a QR-code. This platform has been developed by NPCI(National payment corporation of India),Department of Finance services. This payment platform will be person and purpose specific system .Essentially it will be like a prepaid gift voucher which will be redeemed  at certain specific accepting  centres without any credit or debit card, a mobile app or internet banking and avoiding all the physical contact and interaction.

As it is prepaid in nature it ensures timely payment to service provider without the involvement of any medium. Henceforth it will be secure also as it ensures that the system provider payment is done only after the transaction is done or completed by the person. This will be more in use of  government organizations for different schemes and welfare programs  transaction so that money will be delivered at correct place and well placed time. This will be leak proof-transfer and secure too. Private sector can use this system for their employee benefit. 

This system will work on basis of UPI platform and also on onboarding banks which will be able to provide this facility. Corporate agency will have to approch both the private and public banks as well as lenders  and also have to provide the correct and specific information of the person and purpose too. To  know whom the payment is done and for what purpose payment is made. The beneficiaries will get informed by the current  mobile no. which they provided and a voucher which is allocated to the person by bank. And that voucher will only be delivered to that same person whose name is provided .

Approximately there are 8 banks live with e-RUPI system and they are HDFC bank, SBI,AXIS,PNB ,BANK OF BARODA,CANARA BANK,INDUSIND BANK,ICICI BANK .The benefit of this platform is even if any individual does not have any bank account or digital payment app can be benefitted through these vouchers .It will  be existing in form of Indian rupee only.