Explaining e-RUPI ? But end up Confusing ?
Context :
PM Modi to launch e-Rupi today: How does it work, benefits, all you need to know
Extract :
WHAT IS E-RUPI ?
E-Rupi is a cashless and contactless instrument for digital payment. It is either QR code-based or SMS string-based e-voucher.
This voucher when generated will reach the mobile of the beneficiaries.
This voucher can be redeemed without a card, digital payments app or internet banking access.
This seamless one-time payment mechanism connects the sponsors of the services with the beneficiaries and service providers. It also ensures that payment to the service provider is made only after the transaction is completed.
E-RUPI BENEFITS
It is pre-paid in nature and assures timely payment to the service provider without the involvement of any intermediary.
It can also be used for delivering services under schemes meant for,
# Providing drugs and nutritional support under Mother and Child welfare schemes,
# TB eradication programmes,
# Drugs and diagnostics under schemes like Ayushman Bharat / Pradhan Mantri Jan Arogya Yojana / fertiliser
subsidies etc.
Private sectors too can leverage these digital vouchers as part of their employee welfare and corporate social responsibility programmes, the statement said.
MY TAKE :
Ø This is a one more welcome step towards easing / facilitating , Digital Payments and towards a “ Less Cash “ society ( - it is perhaps impractical at this stage, to think in terms of a CASH-LESS society )
Ø Another report ( Business Line ) reads :
“ With the help of this, the Service Provider ( - I presume, a Shop or a Self-Employed person or an Organized Business ), gets the payment DIRECTLY into his account. Any Government Agency or Corporate can generate e-RUPI through its Partner Banks …. e-RUPI is not only PERSON-SPECIFIC, but also PURPOSE-SPECIFIC ……the Voucher System will enable all beneficiaries, including FEATURE PHONE users…
Ø Can Corporate use e-RUPI for paying monthly salaries / wages ?
Ø Does this system work as under ?
Ø
| Example # 1 | Example # 2 |
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Voucher Issuer | Agriculture Ministry( Govt Agency ) | L&T ( a Corporate ) |
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Issuer’s Bank (Issues vouchers) | SBI | Kotak |
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Voucher Amount / Account Number | Rs 7,000 each ( for 1 year benefit ) | Rs 6,000 each ( for 1 year benefit ) |
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Beneficiary | Farmers | Employees |
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No of Vouchers | 14 crore | 5,000 ( No of WFH employees ) |
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Issuer gives to his Bank | Mobile Numbers of each farmer | Mobile No of each WFH employee |
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Purpose of Voucher | To buy Fertilizer ( Goods ) | To get Internet ( Service ) |
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Goods / Service Provider | RCF / IFFCO | 7-Star |
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Bank of Service Provider | RBL | Bandhan |
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PROCESS ENVISAGED BY ME :
Ø Issuer asks his Bank to issue XYX number of Vouchers ( each voucher of a specific amount and carrying Mobile Number of the Recipient ). No need to provide to the Issuing bank, names of the beneficiaries ?
Ø Bank generates vouchers and transfers the vouchers to the Central Server of the Issuer and debits the Issuer’s bank account with the total amount. Bank sends a detailed e-mail to the Issuer
Ø In turn, the Central Server of Issuer sends each voucher ( to each beneficiary ) as SMS / QR code on beneficiary’s mobile number
Ø SMS tells the beneficiary voucher details : WHO sent / WHAT for / Amount / WHERE to redeem
Ø Beneficiary approaches SERVICE PROVIDER for giving Goods / Services desired
Ø Service Provider provides the goods / service
Ø Upon “ Confirmation “ by the beneficiary to the Bank of the Issuer ( how ? ), that he has actually received the GOODS / SERVICE mentioned in the Voucher, the Bank of the Issuer will effect payment to the Service Provider ( How will the Issuer get this “ transaction completed “ info ? )
Ø How exactly will the Service Provider “ receive “ the payment ? How will his bank account get credited with the payment amount ?
Ø Would the Service Provider need to “ forward “ to his Banker, “ payment received “ details ?
Ø Would that “ payment received “ details be in the form of “ Redeemed voucher “ ?
Ø Would the Service Provider’s bank account be in “ Rupees “ or in “ vouchers “ ?
Ø In this entire process, is there ( even a remote ) possibility that either the Government or the Issuer’s Bank or the Service Provider’s Bank or NPCI , would be able to continuously / dynamically compile following Database ( without having to SNOOP or ask for anyone’s PERMISSION ) :
Ø
# WHO purchased ( each beneficiary )
# WHAT purchased ( goods or services )
# WHEN purchased ( Date=Month-Year )
# at WHAT price purchased ( Rupees per Unit )
# from WHERE purchased ( details of each Service Provider )
I urge Smt Sitharamanji / Shri Piyush Goyalji to :
# Prepare an OFICIAL / AUTHENTIC process of e-RUPI and publish on several online / offline media
# Avoid any possible allegations ( of snooping / surveillance / compilation of LIFE-LONG BUYING
HISTORY of millions of beneficiaries ), by making clear statements in Lok Sabha
With regards,
Hemen Parekh / hcp@rcruitGuru.com / 03 Aug 2021
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