The Smart Voucher System is a blockchain-based solution designed to allow regulatory authorities to authorize selected service providers (e.g., privatized enterprises, schools, and hospitals) to provide goods or services to eligible beneficiaries.

The voucher system is funded through sales tax proceeds to provide such goods and services to disadvantaged individuals, which makes the system serve as a tax-credit receipt and, subsequently, to support social impact financial instruments.

The System integrates three critical functions:

• Financial inclusion: Enhancing access to financial tools for underserved people.
• Tax incentives: Facilitating tax obligations and promoting compliance through the use of vouchers.
• Resource mobilization: Securely allocating token-backed vouchers to support financial accessibility.

The innovative integration of these key functions is unique to the Smart Voucher System. The System was originally designed and developed in 2018, based on which it was granted fintech patent number 10201908262Y by the Intellectual Property Office of Singapore (IPOS) in 2021. Both IPOS and USPTO are consistently ranked among the world’s foremost intellectual property offices.

In his comment on this occasion, Dr. Sami Al-Suwailem, Acting Director General of IsDBI, said: “The issuance of this patent by the United States Patent and Trademark Office underscores the commitment of the Institute to creating pioneering fintech applications that drive inclusive social and economic development. We are working closely with our partners to capitalize on this and other patents to offer comprehensive development solutions to our Member Countries.”

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MUMBAI: NPCI BHIM Services Ltd. (NBSL), a wholly owned subsidiary of National Payments Corporation of India (NPCI), announced it will provide e-RUPI vouchers through the BHIM App to enable artisans to benefit under the PM Vishwakarma Scheme. Introduced by Honourable Prime Minister Shri Narendra Modi, the scheme is designed to empower traditional artisans and craftspeople across India by providing comprehensive support to enhance their skills, improve access to modern tools, and help them scale up their services for a better livelihood.

Under the new initiative, registered artisans—referred to as Vishwakarma—can avail of e-RUPI vouchers exclusively via the BHIM App. These vouchers will be used to disburse the scheme amount, facilitating the delivery of modern toolkits to improve productivity and craftsmanship. BHIM plays a crucial role in this process, streamlining access to the benefits of the scheme and ensuring efficient disbursement of funds through e-Rupi vouchers. The scheme supports a diverse range of artisans, including carpenters, blacksmiths, boat makers, goldsmiths, locksmiths, sculptors, potters, cobblers, basket weavers, doll and toy makers, barbers, tailors, and others, across the country.

Artisans can download the BHIM App and register in advance to avail the benefits.

Speaking on the development, an NBSL spokesperson said, “BHIM is committed to leveraging digital solutions to make a meaningful impact on the lives of millions. Introducing e-RUPI vouchers under the PM Vishwakarma Scheme is an important step towards ensuring that our artisans and craftspeople receive the support they need to enhance their skills and productivity. By simplifying access to the scheme through the BHIM App, we aim to make sure that these benefits are delivered swiftly and efficiently, empowering Vishwakarma to improve their livelihoods and strengthen their communities.”

e-RUPI is an innovative digital solution developed by NPCI in association with the Department of Financial Services (DFS), National Health Authority (NHA), the Ministry of Health and Family Welfare (MoHFW), and partner banks. These vouchers can be distributed by organizations or the government to beneficiaries for specific purposes, providing a seamless one-time payment mechanism.

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