Karnataka may be the first State to sponsor UPI PrePaid vouchers
I am praying
that this process goes Live very soon. The initial success will encourage other
State Governments to roll this out.
In a very positive sign, the Karnataka government is in talks with NPCI for routing State
Government Scholarships via UPI Prepaid vouchers.
This development
comes just after weeks NPCI announced the rollout of UPI Prepaid vouchers.
The immediate
use case for the UPI PrePaid Voucher is
the Covid19 Vaccination shots at private hospitals.
Karnataka
Government has taken this opportunity to see whether it can issue UPI PrePaid Voucher favoring
respective colleges for the student scholarships.
Quote
Meanwhile, the Centre for e-Governance has proposed to
the Karnataka government to implement ‘e-vouchers’ for students receiving
scholarship. The UPI pre-paid e-vouchers that will be given to students in lieu
of money can be encashed only by the college in which the student is studying.
“The e-vouchers will prevent misuse of money and can be used at a particular
institution for a particular purpose,” said Mr. Chawla - (Additional Chief
Secretary Rajveev Chawla)
UnQuote
Apart from NPCI, there are
5 entities part of the UPI PrePaid Voucher process
cycle.
With reference to Karnataka
Government plans, the below may be the entities on the process cycle.
Issuer Bank (Issuer): Bank
who shall initiate request to create UPI Prepaid voucher on UPI. Bank chosen by
Karnataka Government to interact with NPCI for this program. Karnataka
Government may choose multiple banks for this activity.
Sponsor: A Corporate,
Central / State Government Department, Business customer of the bank who shall
request bank for creation of UPI Prepaid voucher. Respective Karnataka
government department. Depending on the scheme, there may be multiple sponsors.
Each sponsor can open a specific bank account to administer the scheme pertaining
to their department.
PV (Prepaid) Voucher
Beneficiary: The person to whom the ‘UPI PrePaid Voucher’ is issued. A PV beneficiary
may not be a UPI user or bank account holder. Eligible students studying in Karnataka
who are eligible for Karnataka Government scholarships
Designated Merchants:
These are specific voucher acceptance points where voucher can be redeemed /
used. Colleges in Karnataka which can
redeem the UPI Prepaid vouchers issued by Karnataka Government towards
scholarships.
Acquiring Bank: These are
banks who provide facility / capability to designated merchants to accept ‘UPI
Prepaid voucher’ (String/QR) for redemption.
Major Benefits:
01) Students
need not have a bank account to receive the scholarship. Only a mobile phone is sufficient.
Preferably the Mobile phone SIM should be in the student’s name. However, this
is not mandatory.
02) Individual UP can be configured so that they
can be redeemed only by respective colleges. EX UP 123456098 of value INR7000/-
favoring ABC College, can only be redeemed by ABC College and no one else.
This ensures minimal misuse of funds.
03) Start
Dates / Expiry dates for individual UPI Prepaid vouchers can be set.
EX: ‘UPI Prepaid voucher’ 123456098 Start Date 01 June
2021, Expiry Date 01 December 2021
‘UPI Prepaid voucher’ 897865432 Start Date 01 November
2021, Expiry Date 01 March 2022
So, let us and wait and see for the next steps.
Read more @ https://www.npci.org.in/what-we-do/upi/upi-prepaid-voucher
Disclaimer: These are my personal opinions only. The
bottom line is Mission #LessCashNotCashLess
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