Visa in pact to promote savings among low-income households

MUMBAI: 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.