E-Rupi—Recent Advancement in Digital Payment System

Abstract

In the era of demonetization, the banking sector has seen an exponential increase in the usage of digital payments. There has been a slew of digital payment networks proposed by both corporate and public entities. These platforms are being used by users to make payments, pay bills, and send money. The cost of Internet plans, the availability of low-cost mobile handsets, and technological savvy are just a few of the factors driving this digital revolution. Although private companies’ platforms are preferred by the bulk of people using digital platforms, public players are continually bringing novel ideas to the table, such as UPI. Another new payment platform named e-Rupi has been created and released for users by the Indian government in a similar endeavor. This platform attempts to use a voucher-based system to deliver social programs, health benefits, and a variety of other services. Hence, this paper investigates the detailed functionality of the e-Rupi platform and performs an empirical evaluation and comparative analysis of e-Rupi with other digital payment platforms.