Thread by @VaibhavSisinty

PM Modi launched a new payment solution,

It works without internet, any app or even a bank account 🤯

It's called e-RUPI, here is everything about it 👇

The digital payments space in India is spinning,

First, the ban on Mastercard from issuing new cards in India

Now, e-RUPI will work similar to Sodexo coupons.

It’s not an end to Paytm Karo or Gpay but looks like an attempt to serve the digitally “unbanked” section of the society with:

No credit cards or debit cards,

No internet banking,

No payment apps,

So, what’s e-RuPI?

First, it’s a prepaid, cashless and contactless payment solution.

The simple QR-code or coupon based payment solution that will be delivered straight to a mobile phone.

The identity and mobile of the person will be verified before issuing the voucher

Second, it’s purpose specific solution which means if I issue you a e-RUPI voucher to buy Parle-G,

You will only be able to buy Parle-G and not Good Day or Hide and Seek.

Makes sense?

Right now, the goal of the government is to leverage e-RUPI for direct govt transfer benefits including nutrition, drugs and diagnostics.

Which means, no cash deposits which can be misused clearly.

No middlemen, no leakage, and no scams (I hope so)

The disadvantage though,

Not sure, how you would explain this to poor and old who don't understand tech.

For now, 11 government and private banks are supporting the new payment mode including SBI, HDFC, Axis, and ICICI.

Irrespective of anything,

India has been leading the race of digital banking globally.

what do you think?

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