India Post Payments Bank and Department of Posts launch digital payment app – DakPay

The Department of Posts (DoP) and India Post Payments Bank (IPPB) on Tuesday unveiled a new digital payment app ‘DakPay,’ which will act as a catalyst for digital financial inclusion at the last-mile across the country.

DakPay will not just be a digital payment app but will also provide a suite of online financial and assisted banking services provided by India Post and IPPB. The platform will allow for services like domestic money transfers, payment services, as well as provide interoperable banking services like AePS, and utility bill payment services.

At the virtual launch of DakPay, Union Minister for Communications, Electronics & IT and Law & Justice Ravi Shankar Prasad, said, “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.”

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The minister emphasised that DakPay will not only give access to banking services and postal products online, but one can also avail postal financial services at the 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 a nationwide network of the postal department will be another big leap towards Prime Minister’s vision of a financially inclusive and an AatmaNirbhar Bharat,” he said.

The services provided by the Department of Post is not just restricted to delivery of letters and packages as it is a financial institution of its own standing. At the end of November 2020, India had 35.69 crores of small savings accounts and certificates, and the Indian Post Payment Banks had a transaction value of Rs 48,457.21 crore by December 8, 2020.

India Post Payments Bank (IPPB) was established under the Department of Posts, Ministry of Communication, with 100 percent equity owned by the Government of India. IPPB was launched by Prime Minister Narendra Modi on September 1, 2018.

The bank has been set up with the vision to build the most accessible, affordable, and trusted bank for the common man in India. In fact, it also aims to remove barriers for the unbanked and underbanked and reach the last-mile leveraging the Indian postal network.

Pradipta Kumar Bisoi, Secretary (Posts) and Chairman, IPPB Board, said, “DakPay 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. DakPay is truly an Indian solution designed to address the financial needs of every Indian.”