Facebook-owned messaging app WhatsApp says it expects to facilitate the purchase of “affordable sachet-sized” health insurance and micro-pension products as part of its efforts to provide users in India with greater access to financial solutions.
The insurance policies will be from SBI General.
“WhatsApp has proactively been working on several pilots to help ensure that every adult has access to the most basic critical financial and livelihood services through their mobile device. By the end of this year, we expect that people will be able to buy affordable sachet sized health insurance through WhatsApp,” WhatsApp India head, Mr Abhijit Bose, said at a corporate event. The company said that its ‘Payments’ feature is now available to users across the country.
Mr Bose said, “WhatsApp is deeply committed to India with over 400m active users, this is our largest market. Our primary focus will always be to provide the most simple, reliable, private and secure experience for people to connect with each other.”
In addition, with HDFC Pensions and pinBox solutions, WhatsApp will be leveraged to help enable savings for retirement that will be especially beneficial for people who do not have organised employment benefits or a retirement scheme to fall back on.