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Visa partners with Micro Pension to channelize micro-savings and pensions

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Krystal
New Update

MUMBAI, INDIA: Strengthening its commitment to becoming a partner and enabler to promote the nation's financial inclusion agenda, Visa announced a partnership with Micro Pension Foundation, an Indian non-profit organization. The partnership will establish a Micro Pension Visa Financial Inclusion Lab as an incubator of innovative payment solutions, targeting 140 million low income, unbanked, informal sector individuals, providing them with access to affordable, micro-savings and pension products from regulated financial institutions.

Uttam Nayak, group country manager, India and South Asia, Visa, said: "With a current elderly population of over 100 million that is set to nearly double within the next decade, it is imperative for India to establish an inclusive institutional architecture and encourage the workforce to set aside a part of their present incomes for their old age and other social security needs. We are delighted to partner with Micro Pension Foundation and through the Lab we propose to create solutions that inculcate and channelize savings."

The lab has developed and launched a range of initiatives to foster financial inclusions such as micro-payments for migrant workers, benefits for the financially excluded, financial and retirement literacy centres and micro-pension for domestic help.