India Post Payments Bank launches ‘DakPay’, digital payments services
New Delhi, December 16, 2020
The Department of Posts (DoP) and India Post Payments Bank (IPPB) unveiled a new digital payment app ‘DakPay’ at a virtual launch event yesterday.
The app has been launched as part of the department's 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 postal network across the nation to cater to the financial needs of people such as domestic money transfers, scanning of QR code and making payments for services or to merchants digitally, enabling cashless ecosystem through biometrics, providing interoperable banking services and utility bill payment services.
At the launch event, Communications Minister Ravi Shankar Prasad spoke about IPPB's efforts during the fight against COVID-19 by providing doorstep financial assistance.
“India Post stood the test of times by serving the nation through various postal services digitally and physically during the 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 the doorstep.
“I strongly believe that this double strength of service offerings in the form of online payments and home delivery of financial services combined with the nationwide network of Postal department will be another big leap towards Prime Minister’s vision of a financially inclusive and an AatmaNirbhar Bharat,” he added.
Pradipta Kumar Bisoi, Secretary (Posts) & Chairman, IPPB Board, said, “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.”
J Venkatramu, MD & CEO, India Post Payments Bank, said, “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.”
IPPB was established under the Department of Posts, Ministry of Communication with 100% equity owned by the Union Government of India. It was launched by the Prime Minister on September 1, 2018.