India Post Payments Bank, (IPPB) is reportedly planning to offer its customers QR cards instead of ATM/debit cards.
The newly launched bank will offer regular, digital and basic savings account types. All these services will be associated with QR cards that come with a barcode specific to the account holder.
Harnessing biometric technology
These cards require biometric authentication via smartphone or micro-ATMs, which are also scheduled to be launched in the near future. This eliminates the need for PIN or passwords.
It is expected that the two-step verification with QR code and biometric will offer additional security.
Customers, however, will not be able to withdraw money at ATMs. Cardholders have to turn to post office network, which includes postmen, offices and Grameen Dak Sevaks (GDS), for cash.
Meanwhile, the QR cards can be used to carry out money transfers, bill payments and cashless shopping through net and mobile banking platforms.
The IPPB also intends to bring the QR-based payments service to small businesses, allowing the use of these cards for purchases at these stores.
By December this year, most postmen across nearly 160,000 post offices in the country are set to open IPPB accounts.
Apart from the cards, the bank will provide digital payments service, savings schemes and ‘electronic cash’ at door step.