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India Post Payments Bank launches digital payment services ‘DakPay’

Easy banking: An IPPB branch at MVP Colony sub-post office.  

The Department of Posts and the India Post Payments Bank (IPPB) on Tuesday unveiled a new digital payment application “DakPay” as part of its ongoing efforts to provide digital financial inclusion at the last mile across the country.

Announcing the launch of DakPay, Union Minister for Communications, Electronics & Information Technology Ravi Shankar Prasad, said it added to the legacy of India Post, which was 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.

Pradipta Kumar Bisoi, Secretary (Posts) and Chairman of the IPPB Board, said DakPay would bring simplified payment solutions to all by offering access to banking and payment products and services either through an app, or in assisted mode with the help of the trusted postmen and women.

DakPay is a suite of digital financial and assisted banking services provided through the postal network to cater to the financial needs of various sections of society, particularly those living in rural areas. The services include free-of-cost money receipts and transfers at doorsteps, and scanned QR codes, to make payments for a range of utility and banking services.

Under the DakPay umbrella brand, India Post aims to provide facilities such as checking bank balances; transactions through multiple bank accounts; the payment facility through the IPPB mobile banking application for postal products’ making payments using DakPay virtual debit card; and cash withdrawal and deposit using the Aadhaar-enabled payment system. The government is also contemplating a provision for credit facilities.

The IPPB was launched on September 1, 2018. It has enabled over 1.36 lakh post offices, of which more than 1.13 lakh are located in rural India, to provide a complete suite of banking services. About 1.8 lakh postmen and women, and Gramin Dak Sevaks, have been equipped with smartphones and biometric devices to provide doorstep banking services.

As on November 30, DakPay had 3.9 crore customers and aggregated digital transactions of over ₹41,954 crore. All IPPB service channels are available in 13 languages.

The Department of Posts on Tuesday also signed a memo of agreement with CSC e-Governance Services India Limited to set up “Common Service Centres” in more than 10,000 post offices. The centres will deliver over 100 services.

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Printable version | May 16, 2021 2:37:02 PM | https://www.thehindu.com/news/national/india-post-payments-bank-launches-digital-payment-services-dakpay/article33338284.ece

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