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India Post Payments Bank launches digital payment app 'DakPay'

DakPay is not simply a digital payment app but is a collection of digital financial and assisted banking services bundled together for its users. These services are provided by India Post & IPPB through its postal network spread across the nation

twitter-logoBusinessToday.In | December 15, 2020 | Updated 16:50 IST
India Post Payments Bank launches digital payment app 'DakPay'
Union minister Ravi Shankar Prasad praised the IPPB for providing door-to-door financial assistance during the COVID-19 pandemic

Department of Posts (DoP) and India Post Payments Bank (IPPB) on Tuesday unveiled a new digital payment app called 'DaKPay' at a virtual event. The app is part of the department's ongoing efforts to provide expand digital financial inclusion to all corners of the country.

According to a Ministry of Communication press release, DakPay is not simply a digital payment app but is a collection of digital financial and assisted banking services bundled together for its users. These services are provided by India Post & IPPB through its postal network spread across the nation.

The press release described the various services provided by Dakpay as, "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 virtual launch event, Union minister Ravi Shankar Prasad praised the IPPB for providing door-to-door financial assistance during the COVID-19 pandemic. He 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,"

Talking about the DakPay app, Prasad said, "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."

J Venkatraman, MD and CEO of IPPB, said that the DakPay is a landmark achievement of the organisation and that it will help to bring about a "Truly Inclusive Financial System".

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