DakPay is a new digital payment application that has been jointly unveiled by the India Post Payments Bank (IPPB) and The Department of Posts (DoP), Government of India. This notice has surfaced on Tuesday and should open a new avenue for government organizations’ digital financial inclusion in India.
Financial and assisted banking services will be available online, and these will be services rendered and provided by India Post and IPPB. The list of facilities includes-
- Domestic money transfers
2. Payment services
- Facilities like AePS and utility bill payment services that are interoperable in nature.
India Post stood the test of times by serving the nation through various postal services digitally and physically during the nationwide lockdown. The launch of DakPay adds up to the legacy of India Post which is about reaching out to every household – said Ravi Shankar Prasad, the Union Minister for Communications, Electronics & IT and Law & Justice said during the launch of DakPay.
The event happened on an online platform. He also emphasized the fact that this launch shall be in tune with Prime Minister Narendra Modi’s idea of Aatma Nirbhar Bharat.
Postal financial services shall thus be provided for the customers at the doorsteps with the introduction of dark pay applications, besides the other financial services.
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 said Pradipta Kumar Bisoi, who is the Secretary (Posts) and Chairman, IPPB Board.
The Covid times saw a registration of several small savings accounts and certificates, and the Indian Post Payment Banks had a transaction value of Rs 48,457.21 crores by December 8, 2020. Thus, this new app shall help better connect the units’ financial transactions through online mode.
The Department of Posts, Ministry of Communication launched the India Post Payments Bank (IPPB) on September 1, 2018, under the 100 percent equity. It was set up to make for easily accessible and trusted banking services for the common people and bridge the gaps on those facilities provided to people still depending on the Indian Postal Network.