WhatsApp, a popular messaging platform, is now branching out into health insurance and micro-pension schemes in India. Yes, WhatsApp will now roll out these services in the country in the earliest.
WhatsApp India Head Abhijit Bose said in an event that the company is interested in bringing “critical financial and livelihood services” to mobile users in the country.
He said that the Facebook-owned company is currently in talks with SBI General to launch health insurance products, while HDFC Pension and Singapore-based firm PinBox Solutions are engaging to offer micro-pension products in the country.
The platform is planning to make inroads into the Indian digital economy with the payments feature and the WhatsApp Business API.
Abhijit Bose further said that it expects to compete with other competitive platforms and insurance companies and firms.
Meanwhile, WhatsApp has finally rolled out WhatsApp’s Payments (commonly known as WhatsApp Pay) feature to users across India for up to 20 million users. The feature has been launched with support from banking partners State Bank of India, HDFC, ICICI, and Axis Bank.
According to Mashable, WhatsApp designed its payments feature on the National Payments Corporation of India’s (NPCI) Unified Payment Interface (UPI) system and was granted approvals to go live recently in November 2020 on a peer to peer (P2P) basis. It has enabled people to transfer money securely and easily, just like sending a message through WhatsApp.