Rashmi
What is e-Rupee?
e-Rupee is a digital form of the Indian rupee, issued by the Reserve Bank of India. It is a legal tender, just like cash, and can be used to make payments and hold value.
Who can use e-Rupee?
Currently, e-Rupee is only available to a limited number of people who have been selected as part of a pilot program. However, the RBI plans to roll out e-Rupee to the general public in the future.
How can e-Rupee be used?
e-Rupee can be used to make payments to merchants and other people who are also using e-Rupee. Payments can be made by scanning a QR code or by entering a unique payment ID.
How to register for e-Rupee?
If you have been selected to participate in the e-Rupee pilot program, you can register for the service by downloading the e-Rupee app from the Google Play Store. Once you have downloaded the app, you will need to create an account and link your bank account. Below are the steps.
- Download the e Rupee (Digital Rupee) app from the Google Play Store.
- Grant permission for SMS and phone call functions.
- Read and accept the terms and conditions.
- Click on "Start Registration."
- Select the SIM Card with the registered mobile number, and click on "Verify SIM" for verification.
- Set the app PIN using your device password (PIN, Face Unlock, or Fingerprint).
- Enter your name and choose a wallet.
- Set a PIN for the wallet, confirming it in the second input field.
- Once the wallet is created, click on "View Wallet Address."
- Select "Link State Bank of India Account" and continue.
- Choose the bank account you want to link with the wallet.
- Enter the last 6 digits and expiry date of your debit card for verification.
- After successful linking, the sign-up/registration process is complete.
How to load money into my e-Rupee wallet?
There are a few ways to load money into your e-Rupee wallet. You can transfer funds from your linked bank account, or you can use a UPI app.
What are the benefits of using e-Rupee?
There are a number of benefits to using e-Rupee, including:
- It is a secure and convenient way to make payments.
- It is a digital form of cash, so you can use it anywhere that accepts electronic payments.
- It can help to reduce the use of cash, which can help to improve financial inclusion.
Here are some additional questions and answers about e-Rupee
Q: What is the difference between e-Rupee and UPI?
A: UPI is a payment system that allows you to make payments to merchants and other people using your bank account. e-Rupee is a digital form of the Indian rupee, issued by the RBI. It is a legal tender, just like cash, and can be used to make payments and hold value.
Q: How is e-Rupee different from cryptocurrency?
A: Cryptocurrency is a digital or virtual currency that uses cryptography for security. It is decentralized, meaning that it is not subject to government or financial institution control. e-Rupee is a digital form of the Indian rupee, issued by the RBI. It is a legal tender, just like cash, and is not decentralized.
Q: What is the future of e-Rupee?
A: The RBI has stated that it plans to roll out e-Rupee to the general public in the future. It is possible that e-Rupee could become a widely used form of payment in India, as it offers a number of benefits over traditional cash payments.
The author is a Chartered Accountant with 2 decades of experience into Accounting, Taxation, Auditing, Risk & Compliance, Credit Controls, Due diligence. Currently, the author is the founder and managing partner at RRL Global services.
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