New Delhi (NVI): India Post Payments Bank (IPPB) with Department of Posts (DoP) launched a new digital payment app ‘DakPay’ today, to transform banking experience across the nation.
The app is launched as part of its ongoing efforts to provide Digital Financial inclusion at the last mile across India, the Ministry of Communications said in a statement.
It added that, the app ‘DakPay’ is not just a digital payment app but a suite of digital financial and assisted banking services provided by India Post and IPPB through the trusted Postal (‘Dak’) network.
Through DakPay people can send money to the loved ones by implementing Domestic Money Transfers – DMT, scanning QR code and make payment for services/merchants digitally through virtual debit card and with UPI, the ministry stated.
This will enable cashless ecosystem through biometrics, providing interoperable banking services to the customers of ANY BANK (AePS) and Utility Bill Payment services.
Announcing the launch of the ‘DakPay’, Ravi Shankar Prasad, Union Minister for Communications, said, “India Post stood the test of times by serving the nation through various postal services digitally and physically during nationwide lockdown.”
“This innovative service will not only give access to banking services and postal products online, but also is a unique concept where one can order and avail postal financial services at doorsteps,” he said.
At the virtual launch, Prasad also appreciated India Post Payments Bank’s efforts during fight against Covid-19 by providing doorstep financial assistance through AePS leading to financial empowerment of the unbanked and the underbanked, the ministry noted.
J Venkatramu, MD & CEO, India Post Payments Bank also said that, “The unveiling of DakPay is a landmark achievement in IPPB’s journey and will further deepen comprehensive financial inclusion to bring forth the dawn of a ‘Truly Inclusive Financial System’. Our motto is – Every customer is important, every transaction is significant and every deposit is valuable.”
IPPPB was launched by the Prime Minister Narendra Modi on September 1, 2018. It has been established under the Department of Posts, Ministry of Communication with 100 per cent equity owned by Government of India.
The fundamental mandate of India Post Payments Bank is to remove barriers for the unbanked and underbanked and reach the last mile leveraging the Postal network comprising 1,55,000 post offices (1,35,000 in rural areas) and 3,00,000 Postal employees, the ministry further said.
However, IPPB’s reach and its operating model is built on the key pillars of India Stack – enabling Paperless, Cashless and Presence-less banking in a simple and secure manner at the customers’ doorstep, through a CBS-integrated smartphone and biometric device, it added.
-RJV
