 "e-RUPI")
As digital payments become ubiquitous in India, with the Unified Payments Interface or UPI seeing record volumes each month, the government seems to have devised a plan to leverage the digital infrastructure for ensuring leak-proof delivery of its welfare schemes.
The idea is simple and is being used in the US, Hong Kong and several other countries -- prepaid vouchers meant for specific purposes. As a leader in fintech, and given its penchant for techno-solutionism, India is attempting something similar.
On Monday, Prime Minister Narendra Modi launched the e-RUPI, a person-specific and purpose-specific payments system.
In essence, e-RUPI will be
