New Delhi: Taking the payment service to new heights, the Department of Posts (DoP) and India Post Payments Bank (IPPB) on Monday launched a new digital payment app ‘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 and IPPB through the trusted Postal (‘Dak’) network across the nation to 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.
While launching the app, Union IT Minister Ravi Shankar Prasad 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.
“Launch of DakPay adds up to the legacy of India Post which is about reaching out to every household. 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.
On the occasion, Pradipta Kumar Bisoi, Secretary (Posts) and Chairman, IPPB Board said that, “Dak Pay brings simplified payment solutions to all by offering all customers access to the banking and payments products and services either through an App or in assisted mode with the help of the trusted Postman.”
Established under the Department of Posts, Ministry of Communication with 100% equity owned by the Centre, the India Post Payments Bank (IPPB) was launched by the Prime Minister 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.