On August 5, SBI (State Bank of India) Payments, which is a joint venture between SBI and Hitachi Payment Services informed that it had partnered with Hitachi Payment Services with an aim to enable e-RUPI transactions on the Yono SBI merchant app.
Merchants are required to have an application different from the one used for cards and UPI (Unified Payments Interface) payments in order to accept payments in e-RUPI.
The Managing Director (MD) and CEO of SBI Payments, Giri Kumar Nair stated, “We believe that e-RUPI will revolutionize the way banked and unbanked citizens pay for their vaccination and future use cases.”
Hitachi Payment Services’ MD and CEO, Rustom Irani added, “Through our collaboration with SBI Payments, we endeavour to empower small businesses and Indian citizens to utilize digital services across the board without being hindered due to technological and literacy challenges.” He continued saying that the company was looking forward to the e-RUPI being another success in facilitating financial inclusion in the country.
SBI introduced the ‘UPI Voucher’ feature on the Yono app to accept prepaid UPI e-vouchers comfortably. For e-RUPI, Hitachi Payment Services will support SBI Payments in merchant on-boarding as well as merchant transaction settlements.
National Payment Corporations of India-developed e-RUPI was launched on 2nd August 2021 by PM Narendra Modi. It was implemented for the very first time at a private COVID-19 vaccination centre in the city of Mumbai by SBI Payments.
