India Post Payments Bank (IPPB) has announced the digital payment application ‘DakPay’ to provide easy digital transactions and other banking services. The Ministry of Communications said that the DakPay app has been introduced as part of its ongoing efforts to give Digital Financial inclusion at the last mile within India. The DakPay app has launched with a slew of characteristics includes digital financial and assisted banking services offered by India Post & IPPB via the trusted Postal network.
The main features of the DakPay app are as follows:
1) By using the DakPay app customers can transfer cash to others by implementing Domestic Money Transfers, scanning QR codes as well as and make payments for services/merchants digitally via virtual debit card and with UPI.
2) This app would support accessing the cashless ecosystem through biometrics, offering interoperable banking services to the customers of any banks and Utility Bill Payment services.
3) Ravi Shankar Prasad, Union Minister for Communications, Electronics & IT and Law & Justice, said that India Post stands at the test of the period by serving the nation via many postal services physically and digitally during the nationwide lockdown.
4) Prasad added that this innovative service not only offers accessibility to banking services and postal products online, however it is also a single concept where one could order and get postal financial services at doorsteps.
5) Prasad has also appreciated IPPBs great attempt during the COVID-19 by offering doorstep financial services via AePS leading to the financial empowerment of the non-banked and the under-banked.
6) J Venkatramu, MD & CEO, India Post Payments Bank said that the unveiling of DakPay is a landmark effort in IPPB’s journey. They would yet another deepens comprehensive financial inclusion to bring forth the dawn of a ‘Truly Inclusive Financial System’.
7) Currently, IPPB announced a doorstep DLC service for pensioners.
8) The pensioners can give online requests for getting the doorstep DLC service on payment of a nominal fee.
9) IPPB has been announced by the Government of India under the Department of Posts, Ministry of Communication with 100% equity shares. IPPB has introduced by Prime Minister Shri Narendra Modi on 1 September 2018.
10) The ministry stated that the fundamental regulations of India Post Payments Bank are to avoid difficulties for the unbanked & underbanked and achieve the last mile leveraging the Postal network consist of 155,000 Post Office and 300,000 Postal employees.