1. INTRODUCTION
'e-RUPI', a new digital payment solution built on the
Unified Payments Interface (the "UPI"), was recently
launched by the Government of India through a press note on August
02, 2021. This prepaid voucher solution has been developed by the
National Payments Corporation of India (the
"NPCI")1 in association with the Department of
Financial Services, the National Health Authority, the Ministry of
Health and Family Welfare (the "Ministry of Health"), and
partner banks.2
e-RUPI is a one-time use, prepaid e-voucher generated through
partner banks participating in the UPI ecosystem, which can be sent
by sponsors (government or private organisations) directly to the
mobile phones of the intended beneficiaries in the form of an
SMS-string or a QR code. The beneficiaries, in turn, can redeem the
voucher for a specific purpose or activity at designated centres or
merchants accepting e-RUPI. For instance, a government or a private
organisation can issue
