Giant chat platform WhatsApp's partnership with SBI General will allow the company to provide health insurance coverage, while the link with HDFC Pension to be provide a micro-pension product.
WhatsApp is ready to enter the fields of finance, commerce, social welfare and education in India. The instant messaging platform is ready to roll out health insurance and micro-pension products across the country through partnerships with financial services operators.
At the Facebook Fuel for India 2020 event, WhatsApp India chief Abhijit Bose said the company will partner with SBI General to launch a "sachet-health insurance cover" and HDFC pension to launch the National Pension Scheme (NPS). In 2021 we will see WhatsApp enter various segments and it will also help small businesses grow with the WhatsApp Business service.
WhatsApp will cooperate with SBI General and HDFC Pension
WhatsApp's partnership with SBI General will allow the company to provide health insurance coverage, while the partnership with HDFC Pension will provide a micro-pension product. Health coverage and micro-pensions products will be launched as part of the first phase in late 2020, after which other products will be announced in early 2021. Facebook will also enter other segments such as commerce, education and social welfare.
"The ability of people to obtain life and health insurance coverage can protect households' financial security from unforeseen expenses, especially during the pandemic," said Abhijit Bose at the Facebook Fuel for India 2020 event.
"WhatsApp has been proactively working on several pilot programs to ensure all adults have access to the most basic financial and livelihood services via their mobile device. By the end of this year, we hope people will be able to shop affordable health insurance via WhatsApp", Bose added.
He also said such projects would facilitate the purchase of health insurance and micro-pensions for all indigenous peoples. And it could also help products expand across India, regardless of income and location.
WhatsApp is betting a lot on its payment service, WhatsApp Pay, which was launched in the country a month ago. WhatsApp currently offers a UPI-based payment service with four banks (State Bank of India, HDFC Bank, ICICI Bank and Axis Bank) and recorded 20 million transactions in November 2020. With WhatsApp Pay, Facebook seeks to offer digital and commercial solutions for SMEs.
Through its partnership with Jio Platforms, Facebook will tap into the 80 million SMEs and help them grow digitally.
That said, we're thrilled to see what WhatsApp and Facebook have in store for Indian audiences in 2021.
