India Post Payments Bank and its parent the Department of Posts have unveiled a new digital payment app ‘DakPay’ as part of the ongoing efforts to provide digital financial inclusion at the last mile across India. DakPay is not just a digital payment app but a suite of digital financial and assisted banking services provided by the department and the payments bank through the trusted postal (‘Dak’) network across the nation to cater to the financial needs (‘Pay’) of various sections of the society – be it domestic money transfer, scan QR code and make payment for services/merchants digitally, enabling cashless ecosystem through biometrics, providing interoperable banking services to the customers of any bank (AePS) and utility bill payment services. Ravi Shankar Prasad, Union Minister for Communications, Electronics & IT, and Law & Justice, who launched the service, said India Post stood the test of times by serving the nation through various postal services digitally and physically during a nationwide lockdown. The launch of DakPay adds up to the legacy of India Post which is about reaching out to every household, he added. J. Venkatramu, MD and CEO of India Post Payments Bank, said the unveiling of DakPay is a landmark achievement in the bank’s journey and will further deepen comprehensive financial inclusion to bring forth the dawn of a ‘Truly Inclusive Financial System’.
