What is e-RUPI? Are e-RUPI and Cryptocurrency the Same?

Surabhi Shukla
4 min readDec 6, 2022


What is e-RUPI?

The Indian Government no longer has to worry about manually transferring funds or issuing physical cheques, nor do the consumers have to wait for a long time for their wages or reimbursements. The National Payments Corporation of India (NPCI) has created e-RUPI. This voucher-based payment system does not utilize cash for transactions in order to encourage people to use the service. The e-RUPI voucher simplifies the process of payment for both the Government and the consumer.

e-RUPI is a digital wallet system developed by the Government of India and rolled out on 2nd August 2021. It provides an easy and secure way for users to store, send and receive money digitally, and access government services from any location. It is available online and offline, allowing users to transact with their mobile phones.

In addition, e-RUPI vouchers ensure that the Government’s funds are used for their intended purpose and prevent any misuse or misappropriation of funds. The consumers also benefit by not having to make any upfront payments or wait for long periods of time before receiving their dues.

Once the e-RUPI is shared with a beneficiary, they can redeem it at any merchant accepting e-RUPI as payment. This provides an easy and convenient way for users to access funds without having to worry about carrying cards or having internet banking access, as all that is required for redemption is the code sent to them by text message or QR code.

This seamless one-time payment mechanism is designed to provide users with greater financial freedom and control over their payments, enabling them to access funds quickly and easily without any hassle.

Are e-RUPI and Cryptocurrency the Same?

No, e-RUPI is not the same as cryptocurrency. Cryptocurrency is a digital currency that uses cryptography for security and operates independently of any government or central bank. It is decentralized, meaning it does not require an intermediary to facilitate transactions.

e-RUPI on the other hand is a digital voucher that facilitates payments and transfers under the Government of India (RBI). It is secure and utilizes advanced fraud protection measures to keep your transactions safe. e-RUPI also provides merchants with an integrated merchant portal that can be used to manage their funds, track payment histories, and reconcile accounts. As such, e-RUPI is more of a digital payment voucher than a cryptocurrency.

Advantages of e-RUPI

No Internet or Bank Required

e-RUPI voucher redemption is a convenient and secure way to make payments without needing a digital payment app or a bank account. Consumers simply need to present the unique voucher code at the retail store or merchant outlet and their purchase amount will be automatically deducted from the voucher balance.

Effortless and Protected

e-RUPI is a fast, easy and secure way for users to send money directly from their mobile phones. It eliminates the hassle of carrying physical cash and makes it possible to transfer money quickly with just a few taps on your smartphone. The e-RUPI voucher code can be redeemed at any participating retailer or service provider.

e-RUPI requires the user to scan the QR code with their phone. Once verified, the voucher amount will be credited to the beneficiary’s account. It also offers convenience, speed, and security benefits to users, allowing them to transfer and receive funds safely.

Contactless Transaction

Digital transactions provide an efficient and cost-effective way to transfer money and make payments. The end-to-end digital process eliminates the need for documents, such as paper checks or cash, resulting in reduced costs associated with issuing, processing, and managing these items.

Additionally, e-RUPI transactions can be made from any mobile device giving users the flexibility to make transactions anytime, anywhere. This makes digital transactions a great option for those who are often on the go or have limited access to traditional banking services.

Swift Redemption

By eliminating the need for bank accounts, e-RUPI offers an easy and contactless two-step redemption process that does not require sharing any personal details. This makes it a safe and secure way of sending and receiving payments.

In addition, e-RUPI transactions are free of charge, making it a cost-effective solution for both the sender and receiver. This makes e-RUPI a viable option for those who do not have access to traditional banking services. With its convenience and security, e-RUPI is becoming an increasingly popular digital payment form.

NPCI has teamed up with 11 banks in order to enable e-RUPI transactions. It is now encouraging more businesses to use e-RUPI, by offering the platform as an integrated payment solution. The platform also facilitates secure cashless payments, which helps in reducing costs associated with processing physical payments. Businesses, both big and small, can benefit from the convenience that e-RUPI offers.

e-RUPI is helping bring greater financial inclusion in India, ensuring access to banking services for rural populations who are often excluded from traditional banking services. By making digital payments accessible and secure, e-RUPI is revolutionizing how people transact in India.

The NPCI is also working towards expanding the network of hospitals and other establishments where e-RUPI can be used. As of now, it has tied up with more than 1,600 hospitals across India. The NPCI is aiming to increase this number in the near future to make e-RUPI even more accessible to all users. With its wide acceptance across India, it is likely to become one of the most preferred modes of payment for businesses in the near future.



Surabhi Shukla

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