The India Post Payments Bank (IPPB) which was launched on 1 September has identified ways to provide digital transaction facilities to the remotest of areas and help them experience new modes of banking. Its QR (Quick Response) card is one such unique feature that will be a replacement for debit/ATM cards of a regular bank. Additionally, it works on biometric Aadhaar authentication rather than PIN or passwords.
IPPB has launched its services with 3 types of bank accounts and a mobile banking app. One can open a digital account using the app or a regular/basic account by visiting the post office but none of the accounts come with a debit card facility. The QR card is an addition to the SMS and other mobile banking facilities and will help even those customers that are not tech savvy.
QR Card Features
- The QR Card has a QR code and barcode that are unique to the account holder.
- It helps in identifying the account holder's account using the smartphone app, micro-ATMs, and hand-held devices that will be carried by postmen to provide customers with IPPB services.
- For doorstep banking, one can show the card to the postman who will scan the QR code, perform the customer's biometric verification with their device and complete the transaction (which could be cash withdrawal). A fee of Rs 25 will be charged for the doorstep service.
- With the QR code, one can make money transfer and bill payments while shopping digitally.
- Can be used easily across IPPB mobile apps at all IPPB counters and IPPB merchants.
- You do not need to know your bank account number.
- You do not need any PIN or password.
- No one can use misuse your QR card as it requires biometric verification.
- Once the IPPB system is well established, you will be able to see small local retailers join the IPPB merchant network.
- The QR code payment does not require the merchants to have an expensive POS infrastructure.