The central government is considering a link between India Post Payments Bank and leading messaging platform WhatsApp to offer a variety of banking and financial services, a report said. To keep up with the digital age, the government might also consider a collaboration between India Post and WhatsApp to offer even better services for everyone. The government’s possible move aims to provide better services to India Post Payments Bank customers, who would then not have to go all the way to the branch to do basic work.
IPPB WhatsApp Tie-Up: Services to be Offered
According to an Economic Times report citing insiders, the initial collaboration between the payments bank and the messaging giant will offer customers services “such as checking account balances and the ability to apply for a new bank account.” Established in 2018, the IPPB is a public company in which the central government owns 100 percent. It is set up as a payment bank at the post office.
“A pilot project will be conducted over the next 60 days to test IPPB’s services such as checking account balances, requesting a new account, changing pins and passwords,” ET reported, citing the above individuals. They went on to say services will also be made available to a select number of customers, including requesting cash withdrawals and deposits, Aadhaar to Aadhaar transfers, updating the Permanent Account Number (PAN) and Aadhaar Number, and managing account beneficiaries .
Highlighting the challenges in rural areas in providing these services, a senior government official said it was important to ensure “there are no fraudulent withdrawals by anyone other than the rightful beneficiary of the account”.
Currently, India Post Payments Bank customers can access online services through IPPB website or mobile app through Digital Banking. “The addition of WhatsApp will provide another avenue that will be easier for everyone to use,” ET quoted the official as saying.
Mail services via WhatsApp are likely to take shape
The report also states that in the future the government is also likely to work with WhatsApp to offer a variety of India Post services. If implemented, people will be able to book courier packages, open payroll, savings and checking accounts, and make payroll payments at their doorstep via the messaging platform. However, these services will be investigated in the future, the report added.
Based on the response to this pilot program, the government will also consider adding other financial services such as PPF payments, borrowing against recurring deposits, and purchasing insurance through WhatsApp.
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