What is E-Rupee: Very few of you will know about e-Rupee. Actually, it is a type of digital token issued by the Reserve Bank of India (RBI). So, in a way, it is a digital form of notes and coins. If put in simple language, just like you keep Rs 100 in your pocket, in the same way e-Rupee is also a digital code which remains in your mobile phone. So let us know how it works and what are its benefits.

How does e-Rupee work?

E-Rupee has been specially designed with the help of ‘Blockchain’ or distributed ledger technology. To use it, you will first have to download the digital wallet app provided by the bank, where you can easily withdraw money from your bank account and convert it into e-rupee.

So, while making payment, you can not only use the QR code but can also easily send the digital token to their mobile number. You will not have to face any kind of problem while doing e-rupee transactions. Actually, in this ‘wallet-to-wallet’ transfer is done, so that you do not need the mediation of the bank in any way.

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What are the main benefits of e-Rupee?

Let us know what are the main benefits of e-Rupee. Actually, you do not need any bank account to keep it. Apart from this, it is also used extensively in tokens of smaller denominations (like Rs 10, 20, 50). Apart from this, it is also much more secure than other digital wallets and crypto currencies.

Its special thing is that the possibility of transaction failure is very less in this, where the transaction takes place directly in the wallet. Not only this, it has the great power to work even without internet.

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What is the special difference between UPI and e-Rupee?
Most people make the big mistake of considering e-Rupee as UPI, whereas there is a lot of difference between the two. Actually, UPI is a payment medium which directly transfers money from your bank account to any other account without any problem. So at the same time, e-rupee itself is a currency. But, in UPI, payment stops completely when the bank’s server is down, whereas in e-Rupee, you can not only transfer money easily even without internet but can also do transactions easily.