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At the launch event Minister Ravi Shankar Prasad appreciated India Post Payments Bank’s efforts during fight against Covid-19 by providing doorstep financial assistance through AePS leading to financial empowerment of the unbanked and the underbanked. (PIB)
At the launch event Minister Ravi Shankar Prasad appreciated India Post Payments Bank’s efforts during fight against Covid-19 by providing doorstep financial assistance through AePS leading to financial empowerment of the unbanked and the underbanked. (PIB)

India Post Payments Bank launches digital payment app 'DakPay': 10 points

  • The app comes with a slew of features which include digital financial and assisted banking services provided by India Post and IPPB through the trusted postal network
  • The app will help to enable cashless ecosystem through biometrics, providing interoperable banking services to customers of any banks

India Post Payments Bank (IPPB) along with Department of Posts (DoP) on Tuesday launched digital payment application ‘DakPay' to facilitate easy digital transactions and other banking services.

"The app is launched as part of its ongoing efforts to provide Digital Financial inclusion at the last mile across India," the Ministry of Communications said in a statement today.

The app 'DakPay' comes with a slew of features which include digital financial and assisted banking services provided by India Post & IPPB through the trusted Postal (‘Dak’) network.

Here are major feature and points on the newly launched 'DakPay' app by IPPB:

1) Through 'DakPay', customers can send money to others by implementing Domestic Money Transfers – DMT, scanning QR code as well as and make payment for services/merchants digitally through virtual debit card and with UPI.

2) The app will help enabling cashless ecosystem through biometrics, providing interoperable banking services to the customers of any banks and Utility Bill Payment services.

3) Announcing the launch of the 'DakPay', Ravi Shankar Prasad, Union Minister for Communications, Electronics & IT and Law & Justice said, “India Post stood the test of times by serving the nation through various postal services digitally and physically during nationwide lockdown."

4) "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," Prasad added.

5) At the launch event Prasad also appreciated India Post Payments Bank’s efforts during the fight against Covid-19 by providing doorstep financial assistance through AePS leading to financial empowerment of the unbanked and the underbanked.

6) “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." said J Venkatramu, MD & CEO, India Post Payments Bank.

7) Recently, IPPB launched doorstep DLC service for pensioners.

8) The pensioners can now submit online request for availing the doorstep DLC service on payment of a nominal fee.

9) 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 Shri Narendra Modi on September 1, 2018.

10) "The fundamental mandate of India Post Payments Bank is to remove barriers for the unbanked & 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," the ministry stated.

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