India Post Payments Bank launches its digital payments’ services ‘DakPay’.
Context
India Post Payments Bank launches its digital payments’ services ‘DakPay’.
What is DakPay?
It is a new digital payment app, which offers double strength of service in the form of online payments and home delivery of financial services.
Department of Posts (DoP) and India Post Payments Bank (IPPB)
What is the aim of the service?
It aims to Transform Banking Experience at the last mile.
The App is launched as part of its ongoing efforts to provide Digital Financial inclusion at the last mile across India.
It will help insending money (Domestic Money Transfers – DMT), Scan QR code and make payment for services/merchants digitally (Virtual debit card & with UPI), enabling cashless ecosystem through biometrics, providing interoperable banking services to the customers of ANY BANK (AePS) and Utility Bill Payment services.
It is another big leap towards Prime Minister’s vision of a financially inclusive and an AatmaNirbhar Bharat.
India Post Payments Bank
India Post Payments Bank (IPPB) has been established under the Department of Posts, Ministry of Communication with 100% equity owned by Government of India.
It was launched on September 1, 2018.
Vision
The bank has been set up with the vision to build the most accessible, affordable and trusted bank for the common man in India.
The fundamental mandate of India Post Payments Bank is to remove barriers for the unbanked & underbanked and reach the last mile leveraging the Postal network comprising 155,000 Post Offices (135,000 in rural areas) and 300,000 Postal employees.
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.
IPPB delivers simple and affordable banking solutions through intuitive interfaces available in 13 languages.
