India Post Payments Bank Launches Digital Payments’ Services ‘DakPay’, Aims to T...
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India Post Payments Bank Launches Digital Payments’ Services ‘DakPay’, Aims to Transform Banking Experience at the Last Mile
Department of Posts (DoP) and India Post Payments Bank (IPPB) today unveiled a new digital payment app ‘DakPay’. DakPay App is launched as part of its ongoing 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 & IPPB through the trusted postal (‘Dak’) network across the nation to cater to the financial needs (‘Pay’) of various sections of the society – be it sending money to the loved ones (Domestic Money Transfer – 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.
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.
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