India Post Payments Bank launches its digital payments’ services DakPay: Highlights with Details

India Post Payments Bank launches its digital payments’ services DakPay: Highlights with Details

Department of Posts (DoP) and India Post Payments Bank (IPPB) unveiled a new digital payment app ‘DakPay’ at virtual launch event. The DakPay App is launched as part of its ongoing efforts to provide Digital Financial inclusion at the last mile across India.

Launched by - India Post Payments Bank launches its digital payments’ services DakPay

Shri Ravi Shankar Prasad, Minister of Communications, Law and Justice and Electronics and Information Technology launched India Post Payments Bank's UPI app #DakPay. Dak Pay UPI app allows users to create UPI ID and link multiple accounts across banks in a single mobile app.

Also Read: AYUSH Ministry approves 200 Ayush Health & Wellness Centres in Almora District of Uttarakhand: Quick Highlights

The DakPay app facilitates instant money transfers, QR based merchant payments and online payments on e-commerce websites. Now send money instantly using Dak Pay. Available on Android platform. "Coming soon on iOS platform"

Highlights with Details - India Post Payments Bank launches its digital payments’ services DakPay

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 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.

About India Post Payments Bank (IPPB)

India Post Payments Bank (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. 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 155,000 Post Offices (135,000 in rural areas) and 300,000 Postal employees.

Also Read: FM Nirmala Sitharaman chairs 23rd Meeting of the Financial Stability and Development Council

IPPB’s reach and its operating model is built on the key pillars of India Stack – enabling Paperless, Cashless and Presence-less banking in a simple and secure manner at the customers’ doorstep, through a CBS-integrated smartphone and biometric device. Leveraging frugal innovation and with a high focus on ease of banking for the masses, IPPB delivers simple and affordable banking solutions through intuitive interfaces available in 13 languages.