Recently, PM Modi launched the India Post Payments Bank (IPPB) on Saturday and it is a big deal! The launch will engender exclusion of ATM cards and debit cards for both cash and online transactions.
How does IPPB work?
IPPB will issue new QR ( (Quick-Response) cards which work on biometric authentication and avoids passwords or PINs. It also has its own official app, just like Paytm and other payment sites.
Now, if you are thinking what is it to do with QR codes, let me tell you that QR’s will help to identify account holders. These can be used with the postmen, post offices or Grameen Dak Sevaks (GDS).
The IPPB App
The app will allow users to register for mobile banking. Additionally, it can be used for opening an Aadhaar-based account.
Different types of IPPB account
Currently, there are three types of savings account – regular, digital, and basic.
All the three variants have varying features and none of them offer any ATM or debit card.
IPPB Launch Day
On the launch day, PM Modi gifted India with 650 branches and 3,250 access points of the postal department across the country. These centres and access points strive to broaden and expand the network of the postal department to provide financial services to the common people.
IPPB allows you to do doorstep banking. What is this?
Doorstep banking lets you do all of these at one place in the comfort of your home: Account opening; cash deposits/withdrawals; money transfers; recharge and bill payments; third-party services like insurance, loans and investments; and other account-related services like updating PAN/nomination details, requesting account statement, issuing standing instructions and QR card issuance.
India is sure treading on a digital path and the e-payment trajectory is escalating to unpredented horizons under the leadership and vision of PM Modi and governments of different states like that of Rajasthan whose Chief Minister Vasundhara Raje has steered the online payment and direct benefit transfer industry to the core.