Thread by @logic

#eRUPI #UPI Vouchers for benefits is a radical departure from #DBT. Purpose and person aware #G2P payments are here. #SaveOurPrivacy

en.m.wikipedia.org/wiki/Ration_st… is digitized food stamps, but crucial digitization difference is it converts a bearer instrument like stamp / coupon into a person / purpose specific instrument, embedding automatic data emission about beneficiary upon use.

The naming of this is curious. When countries around the world are discussing #CBDC / issuing new digital currency, naming a private payment instrument #eRUPI is sign of things to come (?). One can only speculate at the moment.

nha.gov.in/e-Voucher-Laun… this is piloted for #COVID19 vaccination and @AyushmanNHA might plan on using it for other #PMJAY payments.

It is an end to end digital transaction and doesn’t require any physical issuance (card / voucher) hence leading to cost reduction.

What this means is in digital India it is mandatory to have mobile phones. The will be no physical delivery of vouchers. #DigitalDivide #JioTax

This transition to vouchers have to been seen in context of subsidy bill reduction and a shift from bank led payments for #MNREGA, #PDS, #Fertilizer subsidy, #LPG, #Scholarships.

What is also at stake is provision of infrastructure will be solely privatised

epw.in/engage/article… is the damage #PMJAY and this abstinence by state in creation of infrastructure has caused.

Now if this expands to education, god save next generation.

The departure / plans to experiment vouchers also comes at a time when #bankprivatisation is being talked around. The empty success of #PMJDY in #FinancialInclusion will be undone with this shift as subsidy delivery now only needs fewer banks running digital backend

Vouchers are embedding identity in payments stealthily. This is start of a digital demonetisaton where state and investors can track populations far more closely than what bank based #DBT could do. #DBT still had cash out. This takes cashlessness to next level. #Demonetisation

Here is my prediction - if this vaccination pilot goes well for everyone - @RBI might call this #eRUPI as #CBDC (This will be so much fail IMO). If this fall's to take offz if will be dumped as @AyushmanNHA experiment that failed.

On #Paytech gossip.

#eRUPI adds the channa in khaali cooker. @NPCI_NPCI is pricing #eVouchers and probably hiding under legalese that @nsitharaman Finance Act 2019 amendments on #ZeroMDR does't apply to #eRUPI

https://twitter.com/logic/status/1305807832072089600

#rUPI is a fit candidate for #RegulatorySandbox. But that argument can be made only if we can assign accountability to RBI and ask legal questions. Just because a press note from NPCI / PM launches, something doesn't get legal.
Don't expect that much from our media in questioning

bankofbaroda.in/upi-prepaid-vo…

If #UPI should not have #MDR as per Finance Act 2019, how is it legal for @bankofbaroda to have pricing structure for #eRUPI

@NPCI_NPCI above law?

Interesting observation on #CostOfPayments in #DBT delivery. Is the voucher "more cost efficient" for all parties than existing system?

https://twitter.com/Sabya_K/status/1421799491624083458

Current costs in #DBT -- #APB / NACH debit (NACH costs - cheapest interbank txn instrument - issuer borne) + CBS (borned by beneficiary bank, passed onto customers as charges) + #AePS - Borne by both beneficiary as #MDR and agent (low wage exploitation).

#eRUPI pricing and #DBT costs -

https://twitter.com/logic/status/1421838942253453319

- merely seem to bundle up pricing - and cutting the middle man (~1000 odd DBT enabled banks on beneficiary side) + ~ Lakh BCs to dozen odd voucher enabled banks (issuer + acquirer) + 4 mobile providers

We Care :) Any relation to someone else CARE ing about elections is *purely coincidental* #eRUPI #COVIDVaccination