In a bid to bid to give digital payments in India a major boost, the India Post Payments Bank (IPPB) along with Department of Posts (DoP) on Tuesday launched a digital payment app named 'DakPay'. The newly launched app aims to facilitate hassle-free digital transactions and other banking services for people of the nation. The app comes with a host of facilities including digital financial and assisted banking services provided by India Post and IPPB through the trusted postal ‘Dak’ network across the country. The App is launched as part of its ongoing efforts to provide Digital Financial inclusion at the last mile across India.

At the virtual launch event, Union 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. Digital Payments Market in India Likely to Grow 3-folds to Rs 7,092 Trillion by 2025: Report.

DakPay is truly an Indian solution designed to address the financial needs of every Indian. The launch of the DakPay app today is a landmark achievement in IPPB’s journey which will deepen financial inclusion to bring forth the dawn of a ‘Truly Inclusive Financial System’, an official statement said.

All you need to know about 'DakPay'

  1. DakPay is not just a digital payment app but a suite of digital financial and assisted banking services provided by India Post & IPPB through the trusted Postal (‘Dak’) network across the nation.

  2. The DakPay app aims to cater to the financial needs (‘Pay’) of various sections of the society.

  3. With the help of DakPay, people can send money to the loved ones through Domestic Money Transfers – DMT or they can also scan the QR code and make payment for services/merchants digitally (Virtual debit card & with UPI).

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

  5. 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.

  6. At the launch of the 'DakPay', Ravi Shankar Prasad said that India Post stood the test of times by serving the nation through various postal services digitally and physically during nationwide lockdown.

  7. Prasad added saying that 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.

The India Post Payments Bank (IPPB) that has been been established under the Department of Posts (DoP). It was launched by the 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. 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 1,55,000 Post Offices (135,000 in rural areas) and 300,000 Postal employees.

(The above story first appeared on LatestLY on Dec 15, 2020 04:13 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).