The central government is considering a link between India Post Payments Bank and leading messaging platform WhatsApp to host banking and financial services, a report said. To survive in the digital age, the government might also consider a collaboration between India Post and WhatsApp to provide even better services for everyone. The government’s likely move aims to provide better services to India Post Payments Bank customers, who would then not need to go to a branch to do basic work.
IPPB WhatsApp connection: Services to be offered
According to a report in The Economic Times, citing PEOPLE, the initial collaboration between the payments bank and the messaging giant will offer customers services like “the option to check balances and apply to open a new bank account.” Established in 2018, IPPB is a public company 100% owned by the central government. It was set up as a payment bank at the Post Ministry.
“Over the next 60 days, a pilot will be conducted using IPPB’s services such as account balance inquiry, new account request, PIN and password change,” ET quoted the above as saying. He added that select customers are also offered services such as cash withdrawals and deposits, Aadhaar to Aadhaar money transfers, Permanent Account Number (PAN) and Aadhaar Number updates, and account beneficiary management.
Referring to the challenges rural areas face in providing these services, a senior government official said it was important to ensure that “fraudulent withdrawals are not made by anyone other than the rightful beneficiary of the account.”
Currently, India Post Payments Bank customers can access online services through digital banking through the IPPB website or through a mobile app. “With the addition of WhatsApp, there will be another way that will be easy for everyone to use,” ET quoted the official as saying.
Mail services via WhatsApp can take shape
The report also states that the government could work with WhatsApp to offer several Indian postal services in the future. When implemented, people will be able to book courier packages, open payroll, savings and checking accounts, and receive door-to-door payroll delivery through the messaging platform. However, these services will be investigated in the future, the report said.
Based on the response to this pilot program, the government will also consider other financial services such as PPF payments, borrowing against recurring deposits and buying insurance through WhatsApp.
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