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India in July signed an agreement with the UAE for rupee settlement and soon after Indian Oil Corporation (IOC) made payments for purchase of a million barrels of crude oil from Abu Dhabi National Oil Company (ADNOC) in Indian rupees
e-RUPI is a pre-paid digital voucher which a beneficiary gets on his phone in the form of an SMS or QR code.
The RBI has allowed non-bank prepaid payment instruments (PPI) issuers to issue e-RuPi vouchers, currently done by a few banks, in partnership with the NPCI for specific reasons, including payment of hospital bills, etc.
The expansion of e-RUPI vouchers, with the inclusion of non-bank prepaid payment instrument issuers and individual issuance, signifies a major stride towards promoting financial inclusivity and accessibility.
Offline payments in aircraft during a flight and other such offline payments are good use cases of offline UPI transactions, says Anuj Khosla, CEO, digital payment, Hitachi Payment