On 15th December 2020, the Department of Post (India Post) and the India Post Payments Bank (IPPB) launched a new digital payment app ‘DakPay’ for its customers to operate their banking services online.

On 15th December 2020, the Department of Post (India Post) and the India Post Payments Bank (IPPB) launched a new digital payment app ‘DakPay’ for its customers to operate their banking services online. The app was unveiled as part of its ongoing efforts to provide Digital Financial inclusion at the last mile across India by Union Communications and IT Minister Ravi Shankar Prasad. ‘DakPay’ will provide digital financial and assisted banking services provided by India Post and IPPB through the postal network across the country. It will facilitate services such as sending money, scanning QR code and making payment for services and merchants digitally. The app will also provide interoperable banking services to the customers with any bank in the country. DakPay brings simplified payment solutions to all by offering all customers access to the banking and payments products and services either through an app or in assisted mode with the help of the trusted Postman.Launch of DakPay adds up to the legacy of India Post, which is about reaching out to every household. This innovative service will not only give access to banking services and postal products online but also is a unique concept where one can order and avail postal financial services at doorsteps. India Post Payments Bank (IPPB) has been established under the Department of Posts, Ministry of Communication with 100% equity owned by Government of India. IPPB was launched by the Prime Minister Shri Narendra Modi on September 1, 2018. The bank has been set up with the vision to build the most accessible, affordable and trusted bank for the common man in India. The fundamental mandate of India Post Payments Bank is to remove barriers for the unbanked & underbanked and reach the last mile leveraging the Postal network comprising 155,000 Post Offices (135,000 in rural areas) and 300,000 Postal employees. IPPB’s reach and its operating model is built on the key pillars of India Stack – enabling Paperless, Cashless and Presence-less banking in a simple and secure manner at the customers’ doorstep, through a CBS-integrated smartphone and biometric device.Leveraging frugal innovation and with a high focus on ease of banking for the masses, IPPB delivers simple and affordable banking solutions through intuitive interfaces available in 13 languages. IPPB is committed to provide a fillip to a less cash economy and contribute to the vision of Digital India.

[Note: This news piece can be accessed at https://www.indiatvnews.com/business/newsdakpay-app-features-india-post-payments-bank-ravishankar-prasad-ippb-digital-payment671582 ]

Question: Analyze three major competitors of DakPay and suggest a competitive brand positioning strategy for DakPay. Elaborate the PoP/PoD and positioning approach to be used by DakPay

QUICK QUOTE

Approximately 250 words