Visa in pact to promote savings among low-income households

Oct 10 2013, 09:04 IST
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'Through the lab we propose to create solutions that inculcate and channelise savings' (AP) 'Through the lab we propose to create solutions that inculcate and channelise savings' (AP)
Summary'This will directly impact both voluntary savings discipline and the amount of pension that subscribers get in their old age.'

Global payment technology company Visa today said it has partnered with Micro-Pension Foundation to create a lab which help in channelling savings amongst the low-income households.

'Micro-Pension Visa Financial Inclusion Lab' will target 140 million low-income, unbanked, informal sector individuals and provide them access to affordable, micro-savings and pension products from regulated financial institutions.

"We are delighted to partner with Micro-Pension Foundation. Through the lab we propose to create solutions that inculcate and channelise savings," Uttam Nayak, Group Country Manager-India and South Asia, Visa said here.

"This will directly impact both voluntary savings discipline and the amount of pension that subscribers get in their old age," Gautam Bhardwaj, co-founder of Micro-Pension, said.

The Foundation has eight lakh customers and also runs financial literacy centres. The lab is running a pilot programme in New Delhi where truck drivers and cleaners are given education on the benefits of saving regularly for old age.

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