In our last blog, we learned about eRUPI and how it will transform the current financial ecosystem. Now, let’s look into the key differences between the two pillars of digital payments- eRUPI vs UPI.
Before we dive deep, let’s spend a few minutes and have a recap on -what eRUPI and UPI actually mean. eRUPI is an electronic version of cash while UPI is a payment method that empowers multiple bank accounts into a single mobile application.
eRUPI involves the anonymity of your account data hence it is completely confidential. But with UPI, your banks will handle your data.
Digital Payments have facilitated smooth payment by untangling the complex procedures involved in payment transactions before. Earlier when we found it relatively difficult to stand in long queues to withdraw money, the outset of digital payments has reduced the hassles. With UPI payments and other digital payments leading the front, we can expect eRUPI to be highly beneficial in making seamless and easy transaction processing. Along with data privacy, it creates a smooth payment experience journey. The future of payments appears to be in safe hands now. Let’s wait for the official updates from the Reserve Bank of India to learn more.
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