WhatsApp to pilot projects to deliver credit, insurance and pension to users in India; wants to help expand UPI to more markets

WhatsApp plans to offer credit, insurance and pension products to lower income individuals and those in rural areas in India and help digitize local small and medium-sized businesses as the Facebook -service looks to make a digital payments push in its biggest market by users.
The instant messaging app maker has been working with banks — including ICICI, Kotak Mahindra, and HDFC– in India for the past one year to explore ways to bring financial services to individuals who are yet to become part of the banking population, said Abhijit Bose, WhatsApp’s head in India at Global Fintech Fest conference via video chat on Wednesday.
This work over the past year has already proven that banks can leverage WhatsApp’s reach — with ICICI Bank and Kotak Mahindra reaching more than 3 million new users, said Bose, who announced that Facebook-owned app is now planning to work with additional partners to bring insurance, micro-pension and credit to lower wage workers and the informal economy over the next one and a half year.
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