Technology Trends in Banking - e - RUPI, FinTech, RegTech, SupTech, Hashtag Banking, etc.

Stakeholder: Issuer Bank (Issuer); Role: Bank that creates the e-RUPI voucher on receiving a request from the Sponsor. Must be RBI-authorised as PPI issuer and a UPI PSP.

Stakeholder: Sponsor; Role: A Corporate, State/Union Government department or business customer of the Bank who funds and requests issuance of e-RUPIs.

Stakeholder: e-RUPI Beneficiary; Role: The person for whom the voucher is issued. Need NOT hold a bank account.

Stakeholder: Designated Merchant; Role: Pre-approved acceptance point (hospital, vaccine centre, dealer) where the voucher can be redeemed.

Stakeholder: Acquiring Bank (Acquirer); Role: Bank that on-boards the Designated Merchant and routes redemption (QR/string) for settlement.

e-RUPI: One-time prepaid e-voucher; UPI: A 24×7 payments application/rail

e-RUPI: Cashless, contactless, purpose-bound payment for a specific designated merchant; UPI: General-purpose receipt or payment of money

e-RUPI: No — beneficiary can be unbanked; UPI: Yes — payer & payee both need bank a/c linked to UPI