Sunday, February 5, 2023

Indian Crypto Industry Welcomes e-RUPI

Indian Prime Minister Narendra Modi on August 02, released the digital payment solution e-RUPI, through videoconferencing.

While making an announcement about the cashless and contactless instrument for digital payment, the Prime Minister of India said that this recent launch shows how India has been progressing by people’s lives with technology.

The newly introduced digital payment solution has also received appreciation from the Indian crypto industry. 

It is to be noted that when this QR code-based or SMS string-based e-voucher would be generated, it will reach the mobile of the beneficiaries. One of the best features of this e-voucher is that there will be no need for physical intermediaries. 

As per the announcement, individuals can redeem this voucher without cards, digital payment applications or internet banking access.

Many people in India misunderstood this digital payment solution, at first, with the crypto payment solution. However, it is not so, e-RUPI is different from cryptocurrencies, also, it is not a blockchain-based solution. 

But several crypto enthusiasts in the country believes that e-RUPI is a bit similar to blockchain-based solution, as both of them works on to remove intermediary to ensure that every user in the country could get its benefits.

Nischal Shetty, the CEO of WazirX shared his views and stated, “Just like the blockchain technology, e-RUPI emphasizes one of the core messages of blockchain-based tokens which is enabling of end to end digital transactions without any physical intermediary which leads to less operating costs.”

It is being expected that this digital payment solution will open ways for digital governance in the country. 

The recent initiative has been welcomed by the Indian crypto industry with open arms. Several enthusiasts believe that this kind of initiative and introduction of cryptocurrencies in the country could co-exist and will boost the digital ecosystem.  

Avinash Shekhar, Co-CEO of ZebPay, recently stated, “These are great steps towards forming a complete digital economy that have their own unique roles.” He further stated, “We are also looking forward to seeing the features of central bank digital currencies (CBDCs) and how they will work.”

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