After the payments, WhatsApp decided to launch new financial products in India, its flagship market. The Facebook subsidiary will offer hundreds of millions of users of its messaging service two microinsurance offers. One is a health policy powered by SBI General Insurance. The other is a micro-retirement plan, developed with the help of HDFC Pension Management Company and PinBox.
The latter partner operates in Asia, Africa, the Caribbean region and Latin America. This suggests that the populations of the continent will also benefit from it in the future. Indeed, as a recent ranking by SensorTower showed, Africa is the second market after India where WhatsApp is growing the fastest. And there is a real need for this kind of inclusive service.
“WhatsApp has worked with financial institutions and credible partners on micro-pension, micro-insurance and other pilot projects to ensure that every citizen has access to essential financial services through their mobile devices. By the end of this year, purchasing affordable health insurance coverage from SBI General by leveraging WhatsApp will be a reality ”, the company said.
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