Days after WhatsApp launched its digital payments services in India, the instantaneous messaging app is available with its services for other financial products for Indian users
Using the WhatsApp platform, consumers by the end of this month will be capable to buy insurance and pension products. Initially, customers will only be able to buy health insurance goods on WhatsApp. These health insurance products will be of little ticket size standard products. Consequently, you will also be able to purchase micro pension products on WhatsApp.
WhatsApp has roped in SBI General Insurance and other organizations for assistance. Meanwhile, you could also fund in NPS via HDFC on WhatsApp.
Beginning 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 increase its UPI user base in a classified manner starting with a preponderance registered user base of 20 million, wrote news company IANS. "UPI is a transformative co-operation and we jointly have the chance to bring the benefits of our digital economy and financial inclusion to a huge amount of users who have not had adequate access to the back," Abhijit Bose, Head of WhatsApp, India, told through the Facebook 'Fuel for India' virtual function, IANS quoted.
On November 6, Whatsapp had declared that people across India will be able to send capital through WhatsApp.
"This secure payments contact makes assigning money just as simple as sending a message. People can securely send money to a family member or receive the cost of goods from a distance without having to replace cash in person or going to a regional bank," the instantaneous messaging app told.
WhatsApp has produced the payments feature in conjunction with the National Payments Corporation of India (NPCI) utilizing the Unified Payment Interface (UPI), an India-first, real-time salary system that enables businesses with over 160 supported banks.
"We’re delighted to join India’s campaign to improve the ease and use of digital payments, which is encouraging expand financial inclusion in India," WhatsApp added.
For both Android and iPhone, you can transfer money after you've combined your bank account to WhatsApp.