India's e-RUPI: Cryptocurrency, payment app, or something else? | Explained

On August 2, the Indian government launched the e-RUPI digital payment system. So is it a cryptocurrency like Bitcoin, or a payment platform like Paytm? The new system is neither. e-RUPI is a digital voucher which is like a prepaid e-gift card. It is sent as a QR code or SMS string to the beneficiary's mobile phone where it can be scanned by a welfare service provider to complete the transaction. Watch the full video for more.