WhatsApp is in the news yet again. In the last few months, WhatsApp has added new features, and the Facebook-owned company has not slowed down one bit. This year, Whatsapp launched WhatsApp Business, WhatsApp Pay, and features like disappearing messages and ‘add to cart’ option. Now, WhatsApp plans to launch Insurance and pension-related products.
The company has partnered with SBI General Insurance to offer cost-effective health insurance plans to its users. This move comes after WhatsApp Pay received approval for its launch by the National Payment Corporation of India. After receiving permission, it will now expand to offer financial services to its users. The company has also partnered with HDFC Bank to offer micro pension products to its users.
WhatsApp India Head, Abhijit Bose elaborated on the move at the Facebook Fuel for India 2020 event. Talking about WhatsApp’s decision to diversify, Bose stated,
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.
He also underlined the importance of health insurance because a good health insurance plan can save a family from financial ruin. He said,
The ability for people to get insurance covers life and health can protect the financial security of households from unforeseen expenses especially during the pandemic.
WhatsApp’s partnership with SBI General will offer ‘sachet sized‘ insurance plans to its users, and its partnership with PinBox solution will offer micro pension schemes to its users. WhatsApp has 400 million users, so it has the potential to make a lot of money from this venture alone. It is worth noting that WhatsApp Pay already has a tie-up with State Bank of India, HDFC Bank, Axis Bank, and ICICI Bank.
WhatsApp Pay despite its hype did not do as well as expected. In November, it only processed less than 1 percent of transactions of the market share.
Despite all of this, WhatsApp plans to keep moving forward to digitize small businesses and simplify online payments. There are reports that it will soon start offering small loans too. WhatsApp’s attempt to become more than just a messaging app may soon bring more exciting news for its users.
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