India Post Payments Bank conducts India’s First Floating Financial Literacy Camp


India Post Payments Bank (IPPB), stablished under the Department of Posts, Ministry of Communication with 100% equity owned by the Government of India, conducted India’s First Floating Financial Literacy Camp with an initiative called ‘Niveshak Didi’ to promote Financial Literacy ‘By the women, for the women’, in Srinagar, J&K today.


India, being a large & growing economy, still finds it challenging to spread financial literacy across demography, as an enormous share of population still resides in rural areas. IPPB created a new legacy with the help of world’s largest postal network to extend its reach to the last mile and bridge financial inclusion gaps.


In a pursuit to carry the GoI mandate, IPPB initiated Financial Inclusion journey to resurgent rural India where reach and communication always remained a barrier. Right from the inception, Postmen/ Gramin Dak Sevaks have been reaching out to the masses in every corner of the country, offering digital banking services at their doorsteps.


To take the Financial Literacy drive ahead, IPPB, in collaboration with Investor Education and Protection Fund Authority (IEPFA) under the aegis of Ministry of Corporate Affairs (MCA), launched the initiative called ‘Niveshak Didi’ to promote Financial Literacy “By the women, for the women” concept. ‘Niveshak Didi’ initiative is based on the ideology of women for women as rural area women feel more comfortable to share their queries with a female itself. Three representatives ‘Niveshak Didi’ from the Kashmir valley were given certificates during the recent IEPFA Conference in Srinagar, J&K, by the Union Minister of State for Ministry of Corporate Affairs, Shri Rao Inderjit Singh and the Member of Parliament (Srinagar), Dr. Farooq Abdullah along with Smt. Anita Shah Akella, CEO IEPFA & JS MCA & other dignitaries from IEPFA, Department of Posts, India Post Payments Bank, CSC e-governance, Institute of Company Secretaries of India, Kashmir Chamber of Commerce & Central Reserve Police Force.



Union Minister of State for Ministry of Corporate Affairs, Shri Rao Inderjit Singh and the Member of Parliament (Srinagar), Dr. Farooq Abdullah at IEPFA Conference in Srinagar, J&K


As part of launch of ‘Niveshak Didi’ initiative, IPPB conducted India’s First Floating Financial Literacy Camp by a newly appointed ‘Niveshak Didi’. The Floating Financial Literacy Camp was conducted among the local residents around the world-famous Dal Lake of Srinagar, J&K. Since Shikara is part & parcel of their life, the gathering did take place on multiple Shikaras and the ‘Niveshak Didi’ held the Financial Literacy session in local Kashmiri language from Shikara itself, thus the whole session was conducted in the waters of Dal Lake.


Talking about the initiative, Shri Vineet Pandey, Secretary, Department of Posts, marked it “a tremendous step towards bridging the gap of financial inclusion. This first floating financial literacy camp ever held in India shows the ability of DoP team to reach far & wide to every household in the country, that too in various terrains & geographies & also paves the way for rural women population to increase their financial products and services comprehension, beware of frauds, and stay protected with the assistance of their own Niveshak Didi, in their own language”.


Speaking on the first floating financial literacy camp, Shri J Venkatramu, MD & CEO, India Post Payments Bank said, “Through Niveshak Didi, IPPB will attain next milestone surpassing the challenges faced by rural masses in terms of language and their basic understanding of financial products and services. Niveshak Didi, a female dakiya, having deep social connect to rural masses, will be able to collaborate and resolve their queries in a comfortable environment, at the same time enhancing the financial awareness, especially for the women”.






Floating Financial Literacy Camp conducted among the local residents around Dal Lake in Srinagar, J&K


The floating financial literacy camp was conducted under supervision of Shri Gursharan Rai Bansal, Chief General Manager & Chief Sales & Marketing Officer and Shri Vishwanath Divya, Asst. General Manager (Marketing) along with IPPB & DoP team from Srinagar, J&K. The session covered topics ranging from banking and financial products, importance of joining the mainstream financial services offered by regulated entities & protection against various types of risks involved with investments and measures of fraud prevention. India Post Payments Bank looks forward to continue such efforts to deliver its mandate of enhancing financial empowerment to the last mile.


About IPPB


India Post Payments Bank (IPPB) has been established under the Department of Posts, Ministry of Communication with 100% equity owned by the 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 IPPB is to remove barriers for the unbanked and under-banked and reach the last mile leveraging a network comprising 160,000 post offices (145,000 in rural areas) and 400,000 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. India will prosper when every citizen will have equal opportunity to become financially secure and empowered. Our motto stands true – Every customer is important; every transaction is significant, and every deposit is valuable.




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Japan – JCB and Trust Payments welcome increased JCB acceptance across 48 European regions

JCB International Co., Ltd., the international operations subsidiary of JCB Co., Ltd., today announced a new partnership with Trust Payments, a leader in fintech powering truly innovative customer commerce solutions. JCB’s growing community of over 140 million cardmembers will now be able to seamlessly make payments across Trust Payments’ vast network of online and physical merchants, spanning 48 regions in Europe.

Relied upon by over 20,000 businesses[1] – in retail, financial services, travel, hospitality, and other emerging verticals – Trust Payments empowers ecommerce and POS capabilities for their global merchants. This JCB and Trust Payments partnership will give Trust Payments’ merchants more opportunities to generate higher profits and welcome new customers – by tapping into JCB’s loyal cardmember community. JCB cardmembers are globally appreciated for their significant spend when travelling and transacting on digital platforms and in-store, both in Europe and beyond.

As part of this partnership, J/Secure(TM) 2.0, JCB’s cardmember authentication programme conforming to the EMV(R) 3-D Secure Protocol and Core Functions Specification, will be deployed to prevent fraud. It is expanding globally and supported by major global suppliers of 3DS Server and ACS. J/Secure(TM) 2.0 provides more opportunities to JCB acquirers and issuers for secure ecommerce transactions and enhances customer experience to reduce cart abandonment by introducing Frictionless Flow (the customer will not be prompted for additional information such as a password) through risk-based authentication that supports richer data exchanges and additional data sharing during online transactions.

In just over a decade, the global contactless payments market has risen to $10.3 billion and is expected to be more than $18 billion by 2025[2]. This partnership aims to address this growing customer demand – from countertop to mobile, JCB cardmembers will now have access to Trust Payments’ broad range of POS devices, allowing them to make transactions swiftly and securely.

Ray Shinzawa, Managing Director, JCB International (Europe) Ltd., said: “We are pleased to announce our collaboration with Trust Payments, as it represents a key milestone for JCB as we continue to expand POS and ecommerce spend gateways for our valued cardmembers. Further, working alongside Trust Payments to unlock new opportunities for their broad merchant community means JCB can continue to play our part in growing and supporting the international payment ecosystem.”

Daniel Holden, Group Chief Executive Officer, Trust Payments, added: “We are delighted to be working with JCB and expanding the payment methods our merchants can accept on both POS terminals and across ecommerce payments too. This addition will help to expand the many ways in which businesses can accept payments and work with potential customers based all over the world.”

About JCB

JCB is a major global payment brand and a leading credit card issuer and acquirer in Japan. JCB launched its card business in Japan in 1961 and began expanding worldwide in 1981. Its acceptance network includes about 39 million merchants around the world. JCB issues cards across various countries and regions internationally with more than 140 million cardmembers. As part of its international growth strategy, JCB has formed alliances with hundreds of leading banks and financial institutions globally to increase its merchant coverage and cardmember base. As a comprehensive payment solution provider, JCB commits to providing responsive and high-quality service and products to all customers worldwide. For more information, please visit: www.global.jcb/en/

About Trust Payments

Trust Payments is a leader in fintech powering truly innovative customer commerce solutions. We provide on-demand Payments and Banking-as-a-Service services to help businesses grow and scale online, in-store, and on mobile. Trust Payments combines these services with powerful tools, such as loyalty management and instant ecommerce, engaging new innovative payment methods in crypto and bank transfers to drive Converged Commerce(TM).

Focusing on the small and medium-sized business sector in the UK, EU, and the US, Trust Payments drives value for our clients through personalized services, secure and frictionless payments, and innovative products. Trust Payments has a global footprint, with over 400 people across 10 offices supporting the most demanding business sectors, from travel and hospitality to crypto, gaming, and financial services, and an acquiring network of over 50 global banks and hundreds of alternative payment methods.

Trust Payments holds Visa and Mastercard Principal Memberships in the EU for cross-border business, licensed by both the Malta Financial Services Authority and UK Financial Conduct Authority, and holds licenses in 6 US states to carry out regulated payments in gaming. Find out more at https://www.trustpayments.com/

About EMV(R)

EMV(R) is a registered trademark in the U.S. and other countries and an unregistered trademark elsewhere. The EMV trademark is owned by EMVCo, LLC.

[1] https://www.trustpayments.com/

[2] https://www.globalbankingandfinance.com/cant-touch-this-the-rise-and-rise-of-contactless-payments/

MEDIA CONTACTS:

JCB International (Europe) Ltd.

Diana Lee: dlee@jcbeurope.eu

JCB (Head Office in Japan)

Ayaka Nakajima: jcb-pr@jcb.co.jp

Trust Payments

Joe Fernandez: joe.fernandez@trustpayments.com

Copyright ©2022 JCN Newswire. All rights reserved. A division of Japan Corporate News Network.

India Post Payments Bank (IPPB) and Reserve Bank Innovation Hub (RBIH) Collaborate for innovations in Financial Product and Services


India Post Payments Bank (IPPB) and Reserve Bank Innovation Hub (RBIH) have come together to focus their efforts on enhancing the reach of financial solutions to large sections of society across India and enabling frictionless finance to a billion Indians.


Over the last thirty years, India has seen strong economic growth. In the last decade, the country has also witnessed rapid advancement and adoption of mobile technology at low data usage cost. However, there remain large sections of the population as well as micro and small businesses that have limited access to essential financial services and expertise. Universal access to finance is one of the critical requirements for society’s inclusive development. To this end, IPPB and RBIH will plan, design and execute innovative products and offerings to bridge the existing gap by bringing digitalised services at the customer’s doorstep.


The collaboration between IPPB and RBIH will explore projects which shall have impact on the masses by:


  • Leveraging the deep rural reach of IPPB-Department of Posts (DoP) to take Rural Finance to a billion Indians.
  • Enabling access to sustainable and secure finance services to every segment of the society, through research and innovation.


Additionally, IPPB shall be an active participant and partner with RBIH on initiatives of national importance led by RBIH


Shri Rajesh Bansal, CEO – RBIH, said “Customer centricity is at the heart of everything we do at RBIH. India’s strong digital stack offers us the unique opportunity to bring everyone into the country’s financial ambit. I am excited about the possibilities our collaboration with IPPB can open, and the impact we can create for the citizens of India, together!”


Speaking on the partnership, Shri J Venkatramu, MD & CEO, IPPB, said “Since its inception, IPPB has been committed towards promoting financial inclusion among low-income and under-banked segments at the last mile by leveraging the unparalleled network of Post Offices, and technology-driven banking solutions. The partnership with RBIH is a milestone in IPPB’s journey to leverage its digital platform and physical network for providing comprehensive, customer-centric, and convenient digital solutions to a billion Indians”.


About RBIH


The Reserve Bank Innovation Hub (RBIH) is a wholly-owned subsidiary of the Reserve Bank of India (RBI) set up to promote and facilitate an environment that accelerates innovation across the financial sector. RBIH will provide the platform to anchor a shared vision among all financial ecosystem stakeholders and aid them in crafting forward-looking innovation strategies while addressing the most pressing issues in the Indian financial sector. The organisation serves as a focal point to position India as a global innovation hub for a network of financial services providers, fintech innovation hubs, policymakers, technologists, academia, and the investor community. The network will be empowered to ideate, incubate new capabilities, and enable access to sustainable, secure, and frictionless financial services for over a  billion Indians.


About IPPB


India Post Payments Bank (IPPB) has been established under the Department of Posts, Ministry of Communication with 100% equity owned by the Government of India. IPPB was launched by the Hon’ble 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 IPPB is to remove barriers for the unbanked and under-banked and reach the last mile leveraging a network comprising 160,000 post offices (145,000 in rural areas) and 400,000 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. India will prosper when every citizen will have equal opportunity to become financially secure and empowered. Our motto stands true – Every customer is important; every transaction is significant, and every deposit is valuable.


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RKJ/BK




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India Post Payments Bank, Department of Posts in Strategic Alliance with Bajaj Allianz Life Insurance for Term and Annuity Products

India Post Payments Bank (IPPB), Department of Posts and Bajaj Allianz Life Insurance Company (BALIC) today announced a strategic partnership for offering term and annuity products to customers through the Bank’s extensive network of 650 branches and over 136,000 banking access points. The tie-up will enable customers, particularly from weaker sections and living in unbanked and underserved areas, to become financially secure and empowered, and is in line with IPPB’s objective of offering value added products and services to its customers. 

The announcement was made during a media meet attended by ShriPawan Kumar Singh, DDG – FS & PBI, Department of Posts (DoP); Shri J. Venkatramu, MD & CEO, India Post Payments Bank; and Shri TarunChugh, MD & CEO, Bajaj Allianz Life Insurance Company and other senior officials.

Bajaj Allianz Life Smart Protect Goaland Bajaj Allianz Life Guaranteed Pension Goal are the term and annuity products, which will be offered as per this strategic alliance. Bajaj Allianz Life Smart Protect Goal, a comprehensive and value-added term insurance product, is designed to give immediate financial support to a family in the event of an untimely death of the breadwinner. Bajaj Allianz Life Guaranteed Pension Goal, an annuity plan, aims to meet post retirement expenses as it offers guaranteed and fixed regular income till the person is alive. Both these products will be available to customers in addition to DoP’s existing PLI (Postal Life Insurance) & RPLI (Rural Postal Life Insurance) products. 

Speaking about the partnership, Shri Vineet Pandey, Secretary, Department of Posts said, “At India Post, we are committed towards improving the lives of millions of people who do not have easy access to insurance and other financial services. This partnership will enable customers to manage their financial goals in an all-inclusive manner. Customers can continue to avail savings products of Postal Department, and simultaneously benefit from these term and annuity insurance products for fulfilling their long-term financial needs.”

Shri J. Venkatramu, MD & CEO, India Post Payments Bank said “Driven by the need to ensure financial security and meet unforeseen medical emergencies, life insurance has emerged as a significant investment tool in recent times. IPPB already offers Pradhan MantriJeevanJyotiBimaYojana to its customers that aligns with Government’s mission of creating a universal social security net and making insurance affordable for underprivileged and disadvantaged sections. With these term and annuity insurance products, our successful relationship with Bajaj Allianz Life has expanded further. Through our deep and robust network of banking access points, and GraminDakSevaks and Postmen, we are committed to offering comprehensive financial solutions to our customers.”

As we continue to work towards enabling the life goals of people, we are honored to partner with IPPB and DoP who are trusted partners for millions of customers. This is a new milestone for us as we are the first life insurer to offer value-packed products to customers through IPPB’s and DoPs diverse network. We are confident that this partnership will play an integral role in increasing the adoption of life insurance across various customer segments. Our techenabled services and enhancements towards this alliance are designed keeping our customer’s ease of experience and delight in mind.”said Mr. TarunChugh, MD & CEO, Bajaj Allianz Life Insurance Company.

Unique services that will be offered to DoP-IPPB-BALIC customers:

  • Term & Annuity Products viz. Bajaj Allianz Smart Protect Goal & Bajaj Allianz Guaranteed

Pension Goal oBoth the products available on easy to sell POS platform

    • Term product viz. Bajaj Allianz Smart Protect Goal has option of return of premium on maturity
    • Annuity Product viz. Bajaj Allianz Guaranteed Pension Goal also offers return of purchase price as legacy upon death of annuitant
  • 100% digital buy journey to ensure reach to the last mile and contribution to the digital literacy vision of Government of India

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 Hon’ble 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 IPPB is to remove barriers for the unbanked & underbanked and reach the last mile leveraging a network comprising 155,000 post offices (135,000 in rural areas) and 300,000 postal employees.

Bajaj Allianz Life is one of the leading private life insurance companies in India. The Company is a partnership between two powerful and successful entities in their own right – Bajaj Finserv Limited, one of India’s most diversified non-banking financial institution and Allianz SE, one of world’s leading asset manager and insurer. 

Commencing its operations in 2001, Bajaj Allianz Life has in less than two decades expanded its presence across the country. It serves millions of customers through its 509 branches, 80,000+ agents (as on 30 June 2021), and comprehensive set of trusted partners and via its online sales channel.

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XanPool Payments Infrastructure Builder Secures US$27M to Consolidate Presence in APAC and Expand Service Offerings

XanPool, a payments infrastructure builder that operates in over 13 countries in the Asia Pacific, has raised US$27 Million in a Series A financing round led by Valar Ventures, alongside investors such as CMT Digital, and notable angel investor Taavet Hinrikus (Founder and Chairman of Wise, formerly Transferwise).

Commenting on XanPool’s ambitions in the APAC region, James Fitzgerald from Valar Ventures states: “It’s impressive seeing how XanPool has capitalized on the adoption of cryptocurrency to build a decentralized payment network powered by this new asset class. This space is evolving quickly; the incumbents aren’t going to know what hit them.”

XanPool is a Payments and Liquidity Network. Similar to Mastercard or Visa, but instead of having a closed network of banks as partners, XanPool’s open C2C network is made out of individuals and businesses, whose idle capital is used to settle cross-currency, and cryptocurrency transactions. By doing this, XanPool reduces the counterparty risk and costs associated with these forms of transfers, while also allowing the individual and business liquidity providers to earn fees of up to 2% a month on their idle capital.

With over 500,000 users, and over 400 business partners, XanPool is looking to consolidate its presence in the Asia Pacific region and expand its product offerings.

Commenting on XanPool’s ongoing momentum, Jeffery Liu, Chief Executive Officer at XanPool, states, “XanPool started as a small software innovation in the Peer to Peer technology space, allowing users to settle their cryptocurrency to local-currencies within seconds without taking custody risk. Our C2C network has since grown into Asia’s largest decentralized liquidity pool with over US$200 million of liquidity. Today, the network is not only used by cryptocurrency users but also hundreds of underserved businesses that traditional payment processors cannot service due to risk or cost factors which the XanPool network does not have.”

Jeffery further comments, “In the coming years, XanPool’s network will look more similar to that of the SWIFT Network. Just like SWIFT, XanPool does not hold liquidity itself, instead, it relies on the liquidity of all the participants using the network. Just like SWIFT, XanPool earns fees based on the communication that its software facilitates. But unlike SWIFT, XanPool is compatible with modern payment solutions like Cryptocurrency, Fast-Payments, and E-wallets. You can expect more innovation from XanPool in this direction”

About XanPool

XanPool software allows anyone to seamlessly enable Crypto to Fiat on or offboarding. Instantly executing and settling transactions without taking custody of customer funds. Our unique C2C software solution and liquidity network make the onboarding and offboarding infrastructure in crypto much more user-friendly, and resilient against existing infrastructure dependency (such as bank partners). We allow institutions and retail to be on and off-board regardless of their infrastructural limitations.

XanPool analogizes its collective technology to a “SWIFT-like Network”, but instead of taking days or weeks to settle, XanPool, using only more modern payment solutions with less overhead and risk, can settle similar transactions with a fraction of the cost, and speeds which are magnitudes faster, within seconds.

For more information, visit
Facebook: https://www.facebook.com/XanPool/
Twitter: https://twitter.com/XanpoolOfficial
YouTube: https://www.youtube.com/channel/UC8ia9PKgyJb17tCcOpTTclw
Telegram: https://t.me/XanPool
Website: https://xanpool.com/
Jeffery Liu, Chief Executive Officer at XanPool, is available for interviews.

Media Queries
Carrine Eng, Marketing & PR Manager
Email: marketing@xanpool.com

SOURCE: XanPool


Topic: Press release summary