Paytm Merchants To Accept Cashless Prepaid after acquiring partnership for e-RUPI service

Paytm Payments Bank announced that it has joined the government's e-RUPI vouchers initiative as an official acquiring partner.

by Akansha_B Updated: 11 Apr, 2022, 03:01 IST
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Paytm Payments Bank has become an official acquiring partner for e-RUPI vouchers, allowing them to be used at offline stores across the country. To take advantage of Paytm's large merchant network, the bank has teamed with One97 Communications Limited (OCL), which runs the company. Merchants will now have access to yet another digital payment collection option, allowing them to expand their digital presence and acquire additional clients.

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“e-RUPI is a symbol of how India is progressing by connecting people’s lives with technology.”

e-RUPI, a Government of India initiative, is a cashless prepaid voucher that consumers can use via SMS or QR Code. Paytm's merchant partners can then scan the barcode, input the payment amount, and receive the funds in their bank account. Beneficiaries (users) will profit from this, even if they do not have access to formal banking services or smartphones to take advantage of the flexibility of digital payments.

The initiative was started in August of last year to assist those who do not have access to traditional banking services or smartphones in making digital payments.

What is e-RUPI?

e-RUPI is a cashless and contactless method of making digital payments that do not require internet access. It's a QR code or SMS-based e-voucher that's sent to the recipient to make transactions go smoothly. Because the voucher is sent to the beneficiary in the form of a QR code or as an SMS string-based e-voucher to mobile phones, there is no way for the voucher to be misused. The voucher is used at a later date without the need for a card, digital payment applications such as Paytm, or net banking.

What does Paytm e-RUPI offer?

The purpose of e-RUPI is to prevent any form of leakage in government welfare programs while also guaranteeing that benefits reach qualified users. Here's what e-RUPI, a cutting-edge digital payment system, has to offer:

  • Payments to the service provider can only be made once the transaction has been completed.
  • The voucher could only be used by the person who received it.
  • It is a one-time payment method that allows a user to redeem a voucher without using bank cards, digital payment applications, or net banking.
  • e-RUPI could be used to deliver services under schemes such as the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana, which provides drugs and nutritional support to mothers and children, TB eradication programs, drugs and diagnostics under the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana, fertilizer subsidies, and so on.
  • It is simple, safe, and secure to use e-RUPI because it is a contactless payment system.
  • It keeps the beneficiary's information absolutely private.
  • Since the money for the transaction is already stored in the voucher, the transaction using the voucher is significantly faster and more secure.
“With the acceptance of e-RUPI vouchers, merchants across the country will be able to promote cashless payments, which will further drive the government’s mission of introducing more Indians to the digital economy,” Satish Gupta, managing director, and chief executive of Paytm Payments Bank, said.

The e-RUPI voucher could only be used for the stated purpose and cannot be used for any other transactions. Prime Minister Narendra Modi also tweeted about some of the benefits of e-RUPI, such as digitally linking service sponsors and beneficiaries. Even the business sector can benefit from e-features RUPI's for employee welfare and corporate social responsibility programs.

In another statement, the Prime Minister quoted- “If the money is sent by the government for books, then e-RUPI will ensure that only the books are purchased. If money has been sent for the uniform, then it should be spent in its use, if money has been sent for fertilizer, then it should be spent in it.”
Benefits of e-RUPI

e-RUPI can be used by businesses, consumers, and hospitals in the following ways -

Business
  • Businesses could facilitate their employees' well-being by using the e-RUPI digital payment system.
  • It is simple for the issuer to track voucher redemption, and e-RUPI does not require physical issuance, which saves money.
  • The delivery of vouchers is swift, secure, and cashless.
Consumers
  • The voucher printout is not required to be carried by the customer.
  • It takes two steps to use the coupon.
  • A beneficiary is not required to submit any personal information in order to use the coupon.
  • To use the voucher, users do not need to have a bank account or use digital payment apps.
Hospitals 
  • A verification code is used to authorize all vouchers.
  • Following a few simple procedures, the voucher can be redeemed.
  • Since the voucher will be pre-blocked with the amount, there will be no transaction decline.
  • The transactions can be completed without using cash or credit cards.
How and Where to get an e-Rupi Vocher?

An e-RUPI voucher can be issued through a partner bank.For e-RUPI transactions, NPCI has collaborated with 11 banks. Axis Bank, Bank of Baroda, Canara Bank, HDFC Bank, ICICI Bank, Indian Bank, IndusInd Bank, Kotak Mahindra Bank, Punjab National Bank, State Bank of India, and Union Bank of India are among the banks in the country. 

Bharat Pe, BHIM Baroda Merchant Pay, Pine Labs, PNB Merchant Pay, and YoNo SBI Merchant Pay are the acquiring apps. The e-RUPI program is likely to draw more banks and purchasing apps in the near future.

How to redeem an e-RUPI voucher?

The procedure of redeeming an e-RUPI voucher is basic, and it does not include sharing personal information, financial information, or other sensitive information with the service provider. All he/she needs to do is follow the instructions.

  1. At the service outlet, the recipient must provide an e-RUPI SMS or QR code.
  2. The QR code will be scanned or the SMS will be verified by a salesperson.
  3. The recipient will receive an OTP, that must be shared with the salesperson.
  4. Payment will be made when the OTP is submitted.

The Reserve Bank of India (RBI) recently raised the annual maximum on government-issued e-RUPI vouchers from Rs 10,000 to Rs 1 lakh, allowing consumers to spend the voucher multiple times till it was fully redeemed.

For the financial year 2020-2021 (FY21), Paytm Payments Bank Ltd recorded revenue of Rs 1,987.45 crore, down from Rs 2,110 crore in FY20. The bank is a joint venture, with OCL owning 49% and Paytm founder Vijay Shekhar Sharma holding the other 50 %. On Monday, Paytm's stock plummeted 3.1 % to Rs 807 a share on the BSE. Since its November IPO, the stock has dropped by 48%.

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Blaze Blaze

Where can we buy these vouchers

Deal Lieutenant Deal Lieutenant

Good news Adminji plus1

Deal Lieutenant Deal Lieutenant
Admin
Stallions1 wrote:

Where can we buy these vouchers

I have updated the article please check😊

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