| e-RUPI of India It is a voucher-based digital payment system developed by the National Payments Corporation of India (NPCI) to enable seamless and targeted delivery of welfare benefits. It facilitates Direct Benefit Transfers (DBTs) to beneficiaries without intermediaries. Uses QR codes or SMS-based vouchers, operational without a card or internet access. It has no anonymity; linked to specific beneficiaries and purposes. |
- The European Central Bank (ECB) began the preparation phase for the digital euro, aiming to offer a government-backed alternative to cashless options like credit cards, apps, and cryptocurrencies.
- It allows direct payments via a digital wallet without intermediaries like banks.
- Digital Euro enables online and offline transactions, offering anonymity similar to cash with appropriate design.
- It supports quick, cost-effective payments, including microtransactions.
- Unlike traditional digital payments (e.g., PayPal), the digital euro is a central bank-issued currency and serves as a digital version of legally valid cash, independent of financial service providers.
- It promotes Europe’s sovereignty by reducing dependence on foreign payment service providers.
Dig Deeper: Read about various initiatives across the world to compete with disruption brought by private cryptocurrencies in the monetary world.
