Ministry of Communications
India Post Payments Bank launches its digital
payments’ services ‘DakPay’, aims to Transform Banking Experience at the last
mile
Posted On: 15 DEC 2020 1:58PM by PIB Delhi
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 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.
At the launch event 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.
Announcing the launch of the “DakPay”, Shri
Ravi Shankar Prasad, Union Minister for Communications, Electronics & IT
and Law &Justice said, “India Post stood the test of times by serving the
nation through various postal services digitally and physically during
nationwide lockdown. 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. I strongly believe that this double strength of service offerings in
the form of online payments and home delivery of financial services combined
with nationwide network of Postal department will be another big leap towards
Prime Minister’s vision of a financially inclusive and an AatmaNirbhar Bharat.
On the occasion, Shri Pradipta Kumar Bisoi,
Secretary (Posts) & 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. Dak Pay is truly an Indian solution
designed to address the financial needs of every Indian”.
“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.” Said Mr. J Venkatramu, MD & CEO, India Post
Payments Bank.
About 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. 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. Leveraging frugal
innovation and with a high focus on ease of banking for the masses, IPPB
delivers simple and affordable banking solutions through intuitive interfaces
available in 13 languages.
IPPB is committed to provide a fillip to a
less cash economy and contribute to the vision of Digital India. India will
prosper when every citizen will have equal opportunity to become financially
secure and empowered. Our motto stands true – Every customer is important,
every transaction is significant and every deposit is valuable.
For further information on IPPB, visit www.ippbonline.com
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