New Delhi: Paytm Payments Bank on Monday said that it had become an official acquiring partner for the government's e-RUPI vouchers initiative.
The bank has joined hands with paytm parent One97 Communications Ltd (OCL) to leverage the latter's merchant base. With this, Paytm's merchants will be able to collect payments through e-RUPI.
According to paytm, the company has a merchant base of almost 25 million at present.
Since, e-RUPI is a cashless prepaid voucher that beneficiaries can present through SMS or QR Code. Paytm's merchant partners can then scan, enter the amount to be paid and receive the payment directly into their bank accounts.
E Rupi was developed by the 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.
The users of this seamless one-time payment mechanism will be able to redeem the voucher without a card, digital payments app or internet banking access, at the service provider.
Even the private sector can leverage these digital vouchers as part of their employee welfare and corporate social responsibility programmes, had stated a press release.
The Reserve Bank of India (RBI) recently increased the cap on e-RUPI vouchers issued by the government to Rs 1 lakh per year from Rs 10,000 and allowed beneficiaries to use the voucher multiple times until fully redeemed.
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