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WhatsApp to start offering credit, insurance and pension products to users in India

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WhatsApp will now offer insurance and loans to Indian users


WhatsApp has partnered with Indian banks to bring banking services to rural India. WhatsApp also plans to offer financial services, including insurance and pensions, to low-wage workers. WhatsApp has partnerships with banks including ICICI Bank and HDFC Bank.

It should be noted that WhatsApp had started testing its payment service - WhatsApp Pay- for a limited user base in India in 2018. The platform based on UPI allowed users to utilise the messaging platform to send and receive money.



In collaboration with banks, customers will be able to communicate with banks through automated texts. Users can register their WhatsApp numbers with their banks and check their balances, discounts and other information through WhatsApp.

The WhatsApp’s head in India, Abhijit Bose, said on Wednesday (22 July) that the company will also support multiple pilots to test potential solutions to solve problems related to the distribution of financial products. "These pilots will be done jointly with our partners as well as innovative tech partners in each vertical. Each pilot will start with a small experiment to test our hypotheses and based on the results, we will co-invest and scale the ones that show promise," he informed

 

 


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