New Delhi: Taking a step further towards realisation of Digital India and financial inclusion of the unbanked and unprivileged masses, the Department of Posts (DoP) and India Post Payments Bank unveiled a new digital payment app ‘DakPay’ at virtual launch on Tuesday. The App is part of ongoing endeavour to provide digital banking to the last mile across the country.
DakPay, a digital payment app will facilitate many banking services provided by India Post & IPPB through the trusted Postal (‘Dak’) network – be it sending money to the loved ones (Domestic Money Transfers – DMT), payment for services/merchants digitally, Utility Bill Payment services and others.
At the launch, IT 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.
Announcing launch of “DakPay”, Ravi Shankar Prasad, “India Post stood the test of times by serving the nation through various postal services digitally and physically during nationwide lockdown. Launch of DakPay adds up to the legacy of India Post which is about reaching out to every household. 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. I strongly believe that this double strength of service offerings in the form of online payments and home delivery of financial services combined with nationwide network of Postal department will be another big leap towards Prime Minister’s vision of a financially inclusive and an AatmaNirbhar Bharat.”
Taking the vision of PM @narendramodi‘s financial inclusion and #AatmaNirbharBharat forward, @IndiaPostOffice today launched DakPay – a UPI based digital payments app for inter-bank fund transfers, merchant payments service and also access to various postal products. pic.twitter.com/1OmwpMqFLv
— Ravi Shankar Prasad (@rsprasad) December 15, 2020
“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 Mr. J Venkatramu, MD & CEO, India Post Payments Bank.
About India Post Payments Bank
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 PM 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.
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.
IPPB is committed to provide a fillip to a less cash economy and contribute to the vision of Digital India. India will prosper when every citizen will have equal opportunity to become financially secure and empowered.
