Unlocking the Power of e-Rupee: A Comprehensive Guide for First-Time Users

What is e-Rupee?

e-Rupee is a digital form of the Indian rupee, issued by the Reserve Bank of India. It is a legal tender, just like cash, and can be used to make payments and hold value.

Who can use e-Rupee?

Currently, e-Rupee is only available to a limited number of people who have been selected as part of a pilot program. However, the RBI plans to roll out e-Rupee to the general public in the future.

How can e-Rupee be used?

e-Rupee can be used to make payments to merchants and other people who are also using e-Rupee. Payments can be made by scanning a QR code or by entering a unique payment ID.

How to register for e-Rupee?

If you have been selected to participate in the e-Rupee pilot program, you can register for the service by downloading the e-Rupee app from the Google Play Store. Once you have downloaded the app, you will need to create an account and link your bank account. Below are the steps.

1. Download the e Rupee (Digital Rupee) app from the Google Play Store.
2. Grant permission for SMS and phone call functions.
3. Read and accept the terms and conditions.
4. Click on "Start Registration."
5. Select the SIM Card with the registered mobile number, and click on "Verify SIM" for verification.
6. Set the app PIN using your device password (PIN, Face Unlock, or Fingerprint).
7. Enter your name and choose a wallet.
8. Set a PIN for the wallet, confirming it in the second input field.
9. Once the wallet is created, click on "View Wallet Address."
10. Select "Link State Bank of India Account" and continue.
11. Choose the bank account you want to link with the wallet.
12. Enter the last 6 digits and expiry date of your debit card for verification.
13. After successful linking, the sign-up/registration process is complete.

How to load money into my e-Rupee wallet?

There are a few ways to load money into your e-Rupee wallet. You can transfer funds from your linked bank account, or you can use a UPI app.

What are the benefits of using e-Rupee?

There are a number of benefits to using e-Rupee, including:

• It is a secure and convenient way to make payments.
• It is a digital form of cash, so you can use it anywhere that accepts electronic payments.
• It can help to reduce the use of cash, which can help to improve financial inclusion.

Here are some additional questions and answers about e-Rupee

Q: What is the difference between e-Rupee and UPI?

A: UPI is a payment system that allows you to make payments to merchants and other people using your bank account. e-Rupee is a digital form of the Indian rupee, issued by the RBI. It is a legal tender, just like cash, and can be used to make payments and hold value.

Q: How is e-Rupee different from cryptocurrency?

A: Cryptocurrency is a digital or virtual currency that uses cryptography for security. It is decentralized, meaning that it is not subject to government or financial institution control. e-Rupee is a digital form of the Indian rupee, issued by the RBI. It is a legal tender, just like cash, and is not decentralized.

Q: What is the future of e-Rupee?

A: The RBI has stated that it plans to roll out e-Rupee to the general public in the future. It is possible that e-Rupee could become a widely used form of payment in India, as it offers a number of benefits over traditional cash payments.

The author is a Chartered Accountant with 2 decades of experience into Accounting, Taxation, Auditing, Risk & Compliance, Credit Controls, Due diligence. Currently, the author is the founder and managing partner at RRL Global services.