Union Minister for Communications, Electronics & IT and Law & Justice, Ravi Shankar Prasad at the launch of DakPay
New Delhi: Department of Posts (DoP) and India Post Payments Bank (IPPB) unveiled a new digital payment app ‘DakPay’ at virtual launch event today. The app is launched as part of its ongoing efforts to provide digital financial inclusion at the last mile across India.
DakPay will also cater to the financial needs (‘Pay’) of various sections of the society – be it sending money through Domestic Money Transfers (DMT), Scan QR code and make payment for services/merchants digitally (Virtual debit card and with UPI), enabling cashless ecosystem through biometrics, providing interoperable banking services to the customers of any bank (AePS) and Utility Bill Payment services.
It may be mentioned that 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 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 and 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.
– globalbihari bureau
