India Post Bank In Your Mobile: Dak Pay Launched For Postal Banking Services, Payments

Dak Pay Launched For Postal Banking Services, Payments
Dak Pay Launched For Postal Banking Services, Payments

The Department of Posts, along with the India Post Payments Bank (IPPB) has virtually opened a new payment app, DakPay.

The platform will offer multiple features and facilities of financial services across India by India Post and India Post Payments Bank (IPPB).

Read on to find out all the details about DakPay!

India Post and India Post Payments Bank Launch DakPay

A statement has been issued, which revealed the unveiling of the new digital payments app, DakPay. The statement says that the app has been launched to provide Digital Financial inclusion at the last mile across India.

As per reports, DakPay is not only a digital payment platform, but will also offer digital financial and assisted banking services by India Post and India Post Payments Bank (IPPB) through the postal network throughout the entire country. 

Union Minister for Communications, Electronics & Information Technology Ravi Shankar Prasad said, “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.” 

He also said that this will add to the legacy of  India Post, which reaches almost every household in India. 

The India Post Payments Bank (IPPB) was launched on September 1, 2018, under the Department of Posts, Ministry of Communication with 100% equity owned by the Centre. 

DakPay: What Services Will It Offer?

The new platform, DakPay, will be providing a plethora of services under one platform.

It will look after the financial needs of many different sections of the society, including, checking bank balances; transactions through multiple bank accounts; the payment facility through the IPPB mobile banking application for postal products’ making payments using DakPay virtual debit card; and cash withdrawal and deposit using the Aadhaar-enabled payment system. 

It will also help send money to each other through Domestic Money Transfers – DMT), scan QR codes, and make payment for services/merchants digitally Virtual debit card and with UPI. It will also enable a cashless ecosystem through biometrics, providing interoperable banking services to the customers of any bank (AePS).

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