Department of Posts (DoP) and India Post Payments Bank (IPPB) on December 15, 2020 unveiled a new digital payment app ‘DakPay’.
Salient Features of DakPay
- The App is launched as part of its ongoing efforts to provide Digital Financial inclusion at the last mile across India.
- DakPay is not just a digital payment app but a suite of digital financial and assisted banking services provided by India Post & IPPB through the trusted Postal (‘Dak’) network across the nation.
- It will cater to the financial needs (‘Pay’) of various sections of the society – be it sending money to the loved ones (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.
India Post Payments Bank (IPPB)
- India Post Payments Bank (IPPB) has been established under the Department of Posts, Ministry of Communication with 100% equity owned by Government of India.
- IPPB was launched by the Prime Minister Shri Narendra Modi on September 1, 2018.
- 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.
(PIB)
