Research Study on E-RUPI - GRM Institute

Research Study on E-RUPI


By Robin Singh and Arijit Sarkar, PGDRM July’21-22


A cashless and contactless instrument for digital payments, acting as an e-voucher based on a QR-based or SMS string delivered directly to the cell phones of beneficiaries.

It also ensures free payment flow between service providers and beneficiaries in a digital manner without physical interference and aims at the purpose-specific objectives.


The Lowdown: e-Rupi

What is it?

e-Rupi is a cashless and contactless medium for digital payment. It is an electronic voucher-based digital payment system that will be delivered to the mobile of the beneficiaries in the form of a QR code or SMS string.

Developed by

National Payments Corporation of India on its UPI platform, in collaboration with the Department of Financial Services, Ministry of Health & Family Welfare, and National Health Authority.


Process Flow


Benefits of e-RUPI

1. Contactless
2. Two-step redemption process.
3. No personal details are required to be shared.

1. Prepaid voucher.
2. No cash handling.
3. Coupon processed through verification code.

1. One-stop solution for all employee benefit programs.


Is E-RUPI a Digital Currency?


Image Source: CNBC TV 18


Major Risk Factors

➢Technology and Cybersecurity risk
Failure to predict, adapt to, or keep pace with new technologies in the payments industry could harm the business and impact future growth, what if the phone gets hacked.

➢Fraud and Operational Risk
When financial loss is due to human or technical errors, E-RUPI is also prone to huge operational risk along with data leak risk and fraud.

➢Transfer of ownership
Amechanism to verify the beneficiary’s details at the time of availing of services(i.eRedemption of voucher) to minimize the risk of transfer.


Risk Mitigation

➢ Implementation of multi-factor authentication for accessing the link.
➢ Validity of the QR code for ensuring the use of the same by the real user (owner) and avoiding the misuse.
➢ QR code can be generated only a single time when the user clicks on the link and completes the authentication process.
➢ QR code or the link can’t be opened in the multiple random devices.


Major challenges

DIGITAL LITERACY RATE (As on 23.03.2021) 


Major challenges



Get the dull research study here: E RUPI



This report has been produced by students of Global Risk Management Institute for their own research, classroom discussions and general information purposes only. While care has been taken in gathering the data and preparing the report, the student’s or GRMI does not make any representations or warranties as to its accuracy or completeness and expressly excludes to the maximum extent permitted by law all those that might otherwise be implied. References to the information collected have been given where necessary.

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