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BILLIONS! That’s what the future of the digital currencies market holds. Cryptocurrencies are attracting more and more funds towards them after the approval of Bitcoin ETFs and after the halving event that eventually reduces the amount of new bitcoins entering the market. While a decentralized economy obtains huge popularity, central banks have gone into a deep discussion on it. It gives the birth of ‘e-RUPI’.
The combination of ‘e-RUPI’ and Cryptocurrencies will be a revolutionary idea for the future of finance. Now you may wonder, cryptos are decentralized and e-RUPIs are centralized, how both can be integrated? That’s where the power of P2P comes in. Still confused? No worries, I will explain it further from the basics to the depth of both. Without wasting a minute, let’s begin.
For the people who are all new to this concept, let me explain what is e-RUPI in simple terms. Imagine a digital voucher that can be used for specific purchases, like a gift card. That's e-RUPI! Launched by a group of institutions in India that looks after digital payments (NPCI) along with some government departments, it lets people redeem these vouchers without needing a debit card, app, or internet banking.
e-RUPI is sent like a text message or QR code, so it's safe and contactless. Plus, the money is already loaded in the voucher, making transactions fast and reliable.
Unlike cryptocurrencies, e-RUPI offers several benefits for merchants, corporates, and as well as consumers. it allows corporates to digitally deliver well-being benefits to employees (like meal vouchers) in a quick, safe, and contactless way. This eliminates the need for physical vouchers, reduces costs, and even lets companies track how the vouchers are being used.
Using e-RUPI is a secure verification code that authorizes the voucher, there's no need to handle cash or cards, and the redemption process is quick with fewer declines because the amount is already locked in.
e-RUPI offers a safe and convenient way to receive benefits. it's completely contactless (no printed vouchers needed), easy to redeem with just two steps, protects your privacy by not requiring any personal details during redemption, and even works for people without a bank account or digital payment apps.
Many of us are confusing ourselves in differentiating between e-RUPI and cryptos. It won’t happen again. The variation linking both of them is simplified below.
Crypto Exchanges are the platforms for buying and selling cryptocurrencies using different payment methods. In P2P marketplaces where users can trade digital currency directly with one another. Our revolutionary idea depends upon this. During peer-to-peer transactions, users usually exchange their assets with each other. By utilizing e-RUPI in between this, users can buy cryptocurrencies via P2P by using e-RUPIs. It can increase credibility among users.
One major issue in P2P crypto trading is that scammers can exploit the chargeback feature on certain payment methods to reverse or cancel their payment after a P2P order is completed. However, e-RUPI cannot be used for cash out or cash back upon redemption, making it a secure option for purchasing crypto through P2P transactions.
The cryptocurrency market is still going upwards with financial industry giants stepping in. The need for reliable, feature-rich crypto exchanges is on the rise. People are seeking innovative ways to buy cryptos, and e-RUPIs can be the best choice that users will crave. While the feature is still in progress entrepreneurs can build a venture by contacting a top-rated crypto exchange development company.
'What is now proved was once only imagined' It's a famous line from William Blake, a Poet. So, being innovative is the key to success in this competitive world. There are many startups with the same services that are booming day by day. By utilizing creative ideas, and solutions that no one has ever offered will result in the ultimate growth of your business. The idea is simple. e-RUPIs and cryptocurrencies are gaining more attention, so it's your job as an entrepreneur to make use of them. Thanks for reading, until next time happy innovating!
