If you are overwhelmed with the news of #erupee launch but still wondering what it is about, here are the top 5 things simplified for you:
💸e-RUPI is basically a digital voucher which a beneficiary gets on his phone in the form of an SMS or QR code.
💸It consists of two variants: wholesale and retail. While the wholesale variant is used for interbank clearance and settlement while the later is focused on consumer transactions.
💸Think of it as pre-paid voucher that can be used to promote and implement welfare schemes. For example, if the Government wants to cover a particular treatment of an employee in a specified hospital, it can issue an e-RUPI voucher for the determined amount through a partner bank.  The employee will receive an SMS or a QR Code on his feature phone / smart phone.  He/she can go to the specified hospital, avail of the services and pay through the e-RUPI voucher received on his phone.
💸It does not require the beneficiary to have a bank account, a major boost for rural population of India
💸It can be setup either in a token-based or account-based mode. A key distinction between token- and account-based money is the form of verification needed when it is exchanged. Token-based money rely critically on the ability of the payee to verify the validity of the payment object (currency). By contrast, systems based on account money depend fundamentally on the ability to verify the identity of the account holder.