Sumit Shukla, CEO, HDFC Pension, said, “Gift-a-Pension is the best and most transparent way for us to empower people who are less fortunate than us and to help them build retirement savings that can prevent old age poverty. The pinBox multilingual helpline provides ongoing information and assistance to both domestic help and their employers, as per the release. Savings can be transferred into an NPS account within seconds – using any UPI app such as WhatsApp Pay, BHIM, GooglePay, PhonePe, Paytm, etc. Both employers and domestic workers are free to decide the frequency and amount that they wish to contribute. Most employers are electing to regularly put some money into the NPS accounts of their home help. A Gift-a-Pension account is fully portable and stays with the domestic worker regardless of where she lives or works over time. Employers can then use WhatsApp on their mobiles to help activate a digital NPS account, along with insurance benefits, for their domestic helps. WhatsApp with over 400 million users - will compete with players like Paytm, Google Pay, Walmart-owned PhonePe and Amazon Pay in the country.Simple videos and calculators on the Gift-a-Pension website can be used to explain concepts, product features and processes to home help. ![]() In 2018, WhatsApp started testing its UPI-based payments services in India - a global first - with about a million users. ![]() Last month, Facebook-owned WhatsApp received approval from NPCI for rolling out its payments services in India. WhatsApp has designed its payments feature on National Payments Corporation of India's (NPCI) Unified Payment Interface (UPI) system and was granted approvals to go live recently in November this year on a peer-to-peer (P2P) basis enabling people to transfer money. Similarly, 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 corpus to fall back on. By the end of this year, we expect that people will be able to buy affordable sachet sized health insurance through WhatsApp," Bose said. "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. It will also continue to deepen its investments in India by developing and scaling social impact programs, Bose said. However, in India we are also building on four other pillars," WhatsApp India Head Abhijit Bose said at the Facebook Fuel for India 2020 event. Our primary focus will always be to provide the most simple, reliable, private and secure experience for people to connect with each other. "WhatsApp is deeply committed to India with over 400 million active users, this is our largest market. It was given permission to go live by the National Payments Corporation of India in November 2020. WhatsApp in its press release mentioned that it counts India as its biggest market, and will now offer Unified Payments Interface (UPI)-based payments to its users. Meanwhile, the WhatsApp has gone live with its payments offering in India with four banks-State Bank of India, ICICI Bank, HDFC Bank and Axis Bank. ![]() This initiative is a part of its efforts to provide users in India with greater access to financial solutions. The Facebook owned company said by the end of this year, buying affordable health insurance coverage from SBI General leveraging WhatsApp, will be a reality. Instant messaging platform WhatsApp on Wednesday said it expects to facilitate the purchase of "affordable sachet-sized" health insurance through its platform by the end of the year as part of its efforts to provide users in India with greater access to financial solutions.
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