DakPay : India Post Payments Bank
HEADLINES:
India Post Payments Bank launches its digital payments’ services ‘DakPay’, aims to Transform Banking Experience at the last mile
WHY IN NEWS:
DakPay is double strength of service offerings in the form of online payments and home delivery of financial services – Minister Ravi Shankar Prasad
SYLLABUS COVERED: GS 3 : Science and Technology : Apps : Digital Financial inclusion
ISSUE:
DakPay APP
OVERVIEW
- Launch of DakPay adds up to the legacy of India Post which is about reaching out to every household.
- This innovative service will give access to banking services and postal products online.
AIM
BENEFICIARIES
- It will cater to the financial needs (‘Pay’) of various sections of the society – be it sending money to the loved ones (Domestic Money Transfers – DMT).
- These services can either be utilised through an App or in assisted mode with the help of the trusted Postman.
FEATURES
- 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.
- Enabling cashless ecosystem through biometrics.
- Providing interoperable banking services to the customers of ANY BANK (AePS) and Utility Bill Payment services.
SIGNIFICANCE
- By providing doorstep financial assistance through AePS will lead to financial empowerment of the unbanked and the underbanked.
- Also, it is a unique concept where one can order and avail postal financial services at doorsteps.
- Dak Pay is truly an Indian solution designed to address the financial needs of every Indian.
- “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’.
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 the Prime Minister Shri Narendra Modi on September 1, 2018.
- The fundamental mandate of India Post Payments Bank is to remove barriers for the unbanked & underbanked.
- The objective is to reach the last mile leveraging the Postal network comprising 155,000 Post Offices (135,000 in rural areas) and 300,000 Postal employees.
MOTTO
- Every customer is important, every transaction is significant and every deposit is valuable.
OPERATING MODEL
- Enabling Paperless, Cashless and Presence-less banking.
- A simple and secure manner at the customers’ doorstep delivery
- Through a CBS-integrated smartphone and biometric device.
- Leveraging frugal innovation and with a high focus on ease of banking for the masses.
DakPay : India Post Payments Bank | UPSC
IASbhai WINDUP:
- IPPB delivers simple and affordable banking solutions through intuitive interfaces available in 13 languages.
- India will prosper when every citizen will have equal opportunity to become financially secure and empowered.
SOURCES: PIB | DakPay : India Post Payments Bank | UPSC
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