New Digital Payment App ‘DakPay’

The Department of Posts and India Post Payments Bank (IPPB) launched a new digital payment app called ‘DakPay’ on December 15, 2020. This App has been launched as the part its efforts to provide Digital Financial inclusion to the last mile in India.

DakPay

DakPay is a digital payment app. The app will also provide digital financial and assisted banking services as it is provided by India Post and IPPB. The app would provide services through the trusted Postal network in the entire nation. The app would cater to the financial needs of various sections of the society. This is an innovative App that will help people to transfer and receive money with ease. People who do not have or use smartphones can also do money transaction on this App with the help of postmen.

Department of Posts (DoP) or India Post

It is a government-operated postal system of India. The department is a subsidiary under the aegis of Ministry of Communications. India Post is the most widely distributed postal system all across the world. The first effort to set up the postal services in India was taken by Warren Hastings in 1688. Postal services were established under the name “Company Mail”. It was renamed into a service by Lord Dalhousie.

India Post Payments Bank (IPPB)

It is a public sector payments bank from India. The bank is operated by the India Post. It was Opened in the year 2018.  As of September 2020, the bank provides services to almost 3.5 crore customers.