e-RUPI is a new cashless and contactless payment instrument that allows individuals to make payments for goods and services on their mobile devices. As a product that generates QR codes, e-RUPI is praising the cryptocurrency space for helping the world of digital payments expand beyond typical horizons.
e-RUPI Has Many of the Same Principles as the Crypto Space
While e-RUPI is not involved in cryptocurrency nor is it in any way, shape, or form similar with digital currencies, e-RUPI is convinced that it has the same goals and ideals as the crypto arena. One of the main things that e-RUPI is trying very hard to accomplish is the disestablishment of middlemen, thereby ensuring that transactors can retain all the benefits of their payment systems and not be forced to offer up additional fees.
Nischal Shetty – the CEO of cryptocurrency exchange Wazir X – explained in a statement:
e-RUPI emphasizes one of the core messages of blockchain-based tokens which is enabling end-to-end digital transactions without any physical intermediary which leads to less operating costs… It augurs data privacy and security just like cryptocurrencies as intimate personal details are not required during redemption of vouchers. Overall, this heralds well for disguising India’s financial stack.
In addition, e-RUPI is trying to solidify the idea of digital financial governance. This is something that both it and the crypto arena have in common. Cryptocurrencies were initially created as a means of making banks and standard financial institutions obsolete so that the power can be placed back in the hands of users. Right now, many individuals rely on banks’ acceptance of their past financial histories before they can gain access to the many tools that they will likely need to survive everyday life.
However, with cryptocurrency, the banks have no say, and individuals can have a stronger hand in their financial futures.
e-RUPI was launched through the aid of India’s prime minster Narendra Modi. Many financial experts believe the company will do wonders in allowing more individuals in India to take part in contactless payments and garner more financial freedom. Naval Goel – founder and CEO of PolicyX.com – mentioned in an interview:
E-RUPI is a great one of its kind initiative to provide secured financial support to the masses in the form of a coupon which makes money quite easy to carry and freely, especially at the time of traveling. It largely caters to the large section of society that still doesn’t have any bank accounts. Hence, it can enlarge the usage of digital payment mode.
Opening the Door to Partnerships
Avinash Shekhar – co-CEO of Zeb Pay – was also praising the e-RUPI initiative, saying that it provides a great outlet for companies like itself and cryptocurrencies to work together in the future. He said:
We are also looking forward to seeing the features of central bank digital currencies (CBDCs) and how they will work.