Original title: India will launch an “electronic rupee” for targeted “non-leakage” distribution of benefits
Indian Prime Minister Narendra Modi will announce the launch of an electronic payment method “e-RUPI” (e-RUPI) on August 2.
According to a statement issued on the website of the Prime Minister’s Office of India on July 31, the system was developed by the National Payment Corporation of India led by the Reserve Bank of India (the Central Bank of India) and several government agencies. It is a cashless, contactless, specific individual and The purpose of the electronic payment method. According to the Indian government’s vision, the “electronic rupee” will be mainly used for government welfare payments.
According to the statement, the “electronic rupee” is an electronic voucher based on a QR code or text message string and is issued to the user’s mobile device. Users do not need a bank card, electronic payment APP or online banking to exchange at the service provider.
The statement stated that the “electronic rupees” can connect all parties without a physical interface and can ensure that payment is made to the service provider only after the transaction is completed. “Electronic rupee” has the feature of prepayment, which can ensure that service providers can receive payment in time without intermediary means.
Regarding the application scenario of the “electronic rupee”, the Prime Minister’s Office of India stated that the “electronic rupee” is expected to be a “revolutionary new measure” to prevent leakage in welfare distribution, and it can also be used in some welfare programs that provide medicine and nutrition support. Departments can also use “electronic rupees” in employee welfare and social responsibility (CSR) activities.
The statement stated that the Indian government has launched several projects in recent years to ensure that relevant benefits can reach the beneficiaries in a targeted and “non-leakage” manner, while reducing contact between the government and beneficiaries. The “electronic rupee” is also the goal. One of the measures under.
Previously, according to Bloomberg News, the Deputy Governor of the Reserve Bank of India, T. Rabi Sankar, stated on July 22 that the bank is considering “phased introduction” of central bank digital currency (CDBC).
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