UPI (Unified Payments Interface) and e-RUPI are two different payment systems that have been introduced by the Reserve Bank of India (RBI) to facilitate digital payments in India.
UPI is a real-time payment system that allows users to transfer funds between bank accounts instantly. e-RUPI, on the other hand, is a digital voucher that can be used to make payments for a specific purpose.
|What is it?||A real-time payment system||A digital voucher|
|How does it work?||Users link their bank accounts to a UPI ID and can then transfer funds to other UPI IDs instantly.||Users receive a unique e-RUPI code that they can share with the merchant to make a payment.|
|Anonymity||Users' bank details are not shared with the merchant||Users' bank details are not shared with the merchant|
|Security||UPI transactions are secured by the RBI's security framework||e-RUPI transactions are secured by the RBI's security framework and the underlying blockchain technology|
|Type||Payment platform||Digital currency|
|Bank account required||Yes||No|
|Processed by||Banks (NPCI)||RBI|
Advantages of UPI
- UPI is a very convenient way to make payments. Users can transfer funds to other UPI IDs instantly, even if they are not on the same bank.
- UPI is a very secure way to make payments. The RBI’s security framework ensures that UPI transactions are safe and secure.
- It is the most popular way to make payments in India, with over 2 billion transactions processed every month.
Advantages of e-RUPI
- e-RUPI is a very convenient way to make payments for specific purposes. Users do not need to share their bank details with the merchant, which can help to protect their privacy.
- e-RUPI is a very secure way to make payments. The underlying blockchain technology ensures that e-RUPI transactions are safe and secure.
- It can be used to make payments for a wide variety of purposes, such as healthcare, education, or social welfare.
Which payment system is right for you?
UPI and e-RUPI are both two of the most popular digital payment methods in India. They offer a variety of benefits, including convenience, security, and speed. The best payment method for you will depend on your specific needs.
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