Using the WhatsApp platform, customers by the end of this month will be able to buy insurance and pension products. Initially customers will only be able to buy health insurance products on WhatsApp. These health insurance products will be of small ticket size standard products. Consequently you will also be able to buy micro pension products on WhatsApp.
WhatsApp has roped in SBI General Insurance and other companies for the services. Meanwhile, you could also invest in NPS via HDFC on WhatsApp.
Earlier this week, WhatsApp Pay announced that it is now live with State Bank of India, HDFC Bank, ICICI Bank and Axis Bank for Indian users.
WhatsApp can expand its UPI user base in a graded manner starting with a maximum registered user base of 20 million, wrote news agency IANS. “UPI is a transformative service and we jointly have the opportunity to bring the benefits of our digital economy and financial inclusion to a large number of users who have not had full access to them before,” Abhijit Bose, Head of WhatsApp, India, said during the Facebook ‘Fuel for India’ virtual event, IANS quoted.
On November 6, Whatsapp had announced that people across India will be able to send money through WhatsApp.
“This secure payments experience makes transferring money just as easy as sending a message. People can safely send money to a family member or share the cost of goods from a distance without having to exchange cash in person or going to a local bank,” the instant messaging app said.
WhatsApp has designed the payments feature in partnership with the National Payments Corporation of India (NPCI) using the Unified Payment Interface (UPI), an India-first, real-time payment system that enables transactions with over 160 supported banks.
“We’re excited to join India’s campaign to increase the ease and use of digital payments, which is helping expand financial inclusion in India,” WhatsApp added.
For both Android and iPhone, you can send money after you’ve added your bank account to WhatsApp.