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Home›Whatsapp›Government plans to partner with India Post Payments Bank and WhatsApp: See what’s on the cards

Government plans to partner with India Post Payments Bank and WhatsApp: See what’s on the cards

By Shirley J. Speights
June 18, 2022
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The central government is considering a tie-up between India Post Payments Bank and leading messaging platform WhatsApp to offer a host of banking and financial services, according to a report. In order to keep up with the digital age, the government could also consider a collaboration between India Post and WhatsApp, to bring even better services within everyone’s reach. The potential move by the government is aimed at providing better services to India Post Payments Bank customers, who will then not have to travel to the branch to do basic work.

IPPB WhatsApp coupling: services to offer

According to an Economic Times report quoting people in the know, the initial collaboration between the payment bank and the messaging giant will offer customers services “such as checking account balance and the ability to request a new bank account”. Launched in 2018, the IPPB is a public limited company in which the central government holds 100% of the capital. It is set up as a payment bank under the supervision of the Department of Posts.

“A pilot project will be run over the next 60 days with IPPB services such as balance inquiry, new account inquiry, PIN change and passwords being tested,” reported ET quoting the people cited above. They further stated that a number of customers will also benefit from services including cash withdrawal and deposit request, Aadhaar to Aadhaar transfer, update of permanent account number (PAN) and number Aadhaar and account beneficiary management.

Noting the difficulties faced in rural areas in providing these services, a senior government official said it was important to ensure that “there is no fraudulent withdrawal by anyone other than the beneficiary legitimate account”.

Currently, customers of India Post Payments Bank can access online services through digital banking through the IPPB website or mobile app. “The addition of WhatsApp will provide another avenue, easier to use for everyone,” ET quoted the official as saying.

Postal services via WhatsApp should take shape

The report also states that in the future, the government is also likely to partner with WhatsApp to provide a host of India Post services. If implemented, people will be able to book courier packages, open salaries, savings and current accounts as well as pay salaries at the door through the courier platform. However, these services will be explored in the future, the report adds.

Based on the response to this pilot program, the government will also consider adding other financial services such as PPF payments, loan underwriting against recurring deposits and insurance underwriting via WhatsApp.

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