Summary of this article
IPPB launches new digital mutual fund and insurance platforms for customers.
The DakPay Sound Box has been launched to simplify merchant payments.
The IPPB serves 132.5 million customers, mostly rural and around 49 per cent women.
India Post Payments Bank (IPPB) celebrated its ninth Foundation Day on September 1, 2026, and on the occasion, announced the launch of three new digital platforms to deepen its product offerings to customers. These platforms include the DakPay Sound Box for Merchants, which simplifies daily digital payment acceptance, a Digital Insurance Technology Platform for easy access to life, health, and general insurance, and a Digital Mutual Fund Platform to offer customers a seamless digital investment experience.
R. Viswesvaran, managing director (MD) and chief executive officer (CEO), IPPB, said, “We are announcing the expansion of our technology capabilities to make digital payments, insurance and investments simpler and more accessible to the common citizen.”
He said IPPB is leveraging technology for expanding outreach and customers’ convenience. “The strength of IPPB lies in combining technology with the trust and reach of India Post, allowing us to take modern financial services to the last mile,” he added.
India Post Payments Bank (IPPB) Services
IPPB was launched on September 1, 2018, as a 100 per cent government-owned entity under the Department of Posts. Over the past nine years, it has been providing banking, digital payments, and government benefits. Now, IPPB’s customer base has reached 132.50 million users with total deposits of Rs 29,104 crore, according to a Press Information Bureau (PIB) release. About 77 per cent of its customers are located in the rural areas, and 49 per cent of its customers are women.
The bank has processed Rs 21.61 lakh crore in digital financial transactions, including Rs 7.41 lakh crore in Unified Payments Interface (UPI) remittances, and facilitated 120.60 million Aadhaar Enabled Payment System (AePS) transactions of Rs 36,140 crore. Further, the IPPB platform supported 65 million direct benefit transfer (DBT) beneficiaries receiving approximately Rs 1.55 lakh crore, enrolling 13.50 million Bal Aadhaar, and facilitating 94.70 million Aadhaar Mobile Updates.
It launched three tailored products as well, including the SHG Savings Account for self-help groups (SHGs), the Surakshit Savings Account with Rs 25,000 cyber-insurance protection, and the Sampoorna Savings Account, which combines wellness and cyber protection.
How These New Platforms Will Benefit Customers
In the digital age, when most people have access to digital tools, the customers of IPPB would be able to access financial services through the IPPB-provided trusted platforms for investing money in mutual funds or for exploring insurance options, instead of ignoring these services due to lack of access or trust in myriad platforms offering the same.
The Department of Posts has been upgrading its services in a modernising effort to keep up with the digital technology-driven world. In this direction, the Minister of Communications, Jyotiraditya Scindia, had asked the DoP in April 2026 to integrate its pension services with the telecom department’s ‘SAMPANN’ portal to make it convenient for pensioners to access their pension-related services online.
At present, there are 165,000 post offices, including 140,000 in rural areas. IPPB utilises this network to deliver paperless and cashless doorstep banking to people in the remote areas.
