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The widely popular messenger app ‘WhatsApp’ has decided to provide a platform to its users where they can purchase insurance and pension products after making payment. The company has tied up with two very popular banks in the country for providing these services. Likewise, these insurance and pension products are designed keeping in mind the requirements of low-income people.

Meanwhile, Abhijit Bose, head of WhatsApp India, told the media persons at an event that the company is planning to start providing insurance service from its digital platform. Adding further that they are also preparing to provide micro pension service. And, that WhatsApp is undertaking a pilot project on this micro pension service. The company has tied up with SBI General Insurance, HDFC, and some other leading companies for providing these insurance and micro pension services.

Besides, SBI General Insurance has designed its insurance product as per the needs of the customers and so these insurance products are priced low to allow the customers to pay as per their convenience. Regarding the Micro pension service, the company has signed agreements with several financial institutions. As per the latest figures, more than 80 % of our country’s population has no pension facility, and so their old age goes into poverty.

It’s worth mentioning here that previously WhatsApp pay went live for more than 2 million of its users in India alongside State Bank of India (SBI), HDFC Bank, ICICI Bank, and Axis Bank. WhatsApp received permission to go live on UPI with 160 banks in November after waiting for 2 long years. This WhatsApp Pay allows people to transfer money to each other very quickly just like the messages.