Signing up for a pension in India means filling up long and complicated forms. However, a series of regulatory changes and tech innovations have enabled pinBox Solutions, a fintech focused on micro to offer pensions over WhatsApp to domestic help and other informal sector workers. The project called ‘Gift-a-Pension’ allows any person to gift a pension to another person by opening a National Pension System (NPS) Tier I account for them. pinBox has tied up with HDFC Pension Fund for this project. The account can be opened by answering a series of questions over WhatsApp . The beneficiary of the pension account only needs to have a bank account and mobile number that is linked to their Aadhar card.
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