India Post Payments Bank (IPPB) is in talks with e-commerce majors, retailers and car-hailing companies for real-time digital payments. IPPB is also in talks with State government utility providers and government departments for payments.
“Currently, we are in talks Amazon, BigBazar, Swiggys, Ola and Uber for payments through IPPB. Once we officially launch our payment bank, we can engage them seriously to provide real-time digital payments mechanism,” Charles Lobo, Chief Postmaster General - Karnataka Circle, told
IPPB is also exploring senior citizens, students, homemakers, urban migrants, farmers, DBT beneficiaries, rural influencers, kirana stores and small businesses.
In addition to digital payments, IPPB has lined up a host of services by partnering with State utility providers for direct benefit transfers, payment of electricity bills and water bills, and enterprise and merchant payments.
Vast rural network
IPPB is a subsidiary of Department of Posts and wholly owned by the Centre. “So far, the Central government has given us ₹1,435 crore in two tranches — ₹800 crore and ₹635 crore to set up the bank,” Lobo said.
Soon after the launch, IPPB will use 1.55 lakh access points (post offices) spread across the country. Initially, 650 IPPB bank branches will be opened on pilot basis from September to December and more branches gradually.
The main USP of IPPB is the vast network and reach of India Post with a rural India penetration of 1.30 lakh access points (post offices), which is nearly 2.5 times the number of bank branches in rural India today, Lobo said.
Gradually, a large workforce of 3 lakh plus postmen and Gramin Dak Sevaks will offer assisted doorstep banking in rural, urban, and remote areas. IPPB will simplify banking and payments by using Aadhaar as authentication, he added.
Paperless transaction
Right from account opening to payment transaction, the process will be paperless.
“We will open paperless accounts in minutes and allow customers to make digital transaction with the help of QR cards and biometric authentication,” said Suresh, Branch Manager, Museum Road branch, Bengaluru.
“In opening accounts, at present Telangana tops with around 70,000 accounts, followed by Karnataka with around 45,000 accounts. On all-India basis, at present Department of Post services 40 crore customers with over 17 crore post office savings bank accounts,” said Lobo.