Thread by @FinFloww

PM Modi is launching E-RUPI today and no it’s not a crypto currency

So what exactly is this?

Let’s dive deep into it
It’s time for a thread 🧵

Prime Minister Narendra Modi will launch a person and purpose-specific digital payment solution, e-RUPI, on August 2 via video conferencing.

The main purpose of this scheme is to ensure that the benefits released by the government. Reach the people without any discrepancies.

It’s a first step towards having a digital currency in our country but E-RUPI is not a digital currency 🤞

E-RUPI is a cashless and contactless voucher based system.

Yeah you heard it right it’s just an E- Voucher which the government will release for specific needs

Let’s take an example and understand it better

There’s a girl named Priya who lives in a remote village.

She is a hardworking student and wishes to study further but her father is an alcoholic and he wastes his family income in getting high.

One day a govt official visits her school and provides a scholarship to her.

The Government transferred the scholarship amount to her bank account but do you think her father will let her use this for her higher education or will he spend it on getting booze?

Of Course that money is going down the drain , to solve this issue we now have E-RUPI.

Yeah because Akshay Kumar can’t solve every social issue right? 😅
So this time we have something more flexible.

So, the govt will launch a E- voucher which can only be redeemed for specific needs and to get this voucher one doesn't even need a bank account.

You can have your unique voucher number on SMS and also in the form of QR code.

This whole system is based on the UPI infrastructure and already six banks have signed up for it.

So now our girl Priya is definitely going to college. 🌻

What problem it will solve?
This system will ensure that money released for direct benefits does not get in the wrong hands

So what do you think is next?

Can we expect our own Digital currency later this year?
👀👀

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