NEW DELHI — PhonePe on Wednesday announced the launch of contributions to NPS (National Pension System) as a new savings category under Bharat Connect (earlier known as BBPS), on its platform.
With this launch, PhonePe enables millions of users to now make seamless, secure, and easy contributions to their NPS account through the PhonePe app.
NPS is a highly effective tax-saving instrument for personal retirement planning. This scheme not only provides significant tax savings but also comes in handy as a retirement corpus, thus helping users secure their financial future.
Previously, users could only make contributions towards their NPS accounts through the websites of PFRDA, NSDL, CAMs, KFintech, and Banks.
However, the launch of this feature will allow users to contribute conveniently using the PhonePe app, allowing previously underserved populations to experience the ease and advantages of digital payments.
“Integrating the NPS category on the Bharat Connect platform is a significant step towards enabling individuals to manage their investments for retirement planning seamlessly. With this advancement, PhonePe users can now effortlessly contribute to their NPS accounts directly through the app. This initiative underscores our commitment to making financial services more accessible and inclusive for citizens across India,” said Noopur Chaturvedi, CEO, NPCI Bharat BillPay Limited.
“We are very excited to partner with Bharat Connect to launch contributions towards NPS. This partnership between PhonePe and Bharat Connect significantly enhances the utility and convenience of making NPS contributions by offering a secure and user-friendly payment solution to millions of our users. We believe the future holds substantial potential for growth and innovative partnerships such as this make the process of payments and savings much more simple and inclusive for all,” added Sonika Chandra, Chief Business Officer - Consumer Payments at PhonePe.
Users can avail the feature on the PhonePe app by clicking on ‘view all’ under the ‘recharges and pay bills’ section on the PhonePe app home screen. Then click on ‘National Pension System’ under the ‘Financial Services and Taxes’ section and enter details: like the 12-digit PRAN or 10-digit mobile number; date of birth; tier; and contribution amount; tick the checkbox to agree to the terms and conditions and tap ‘confirm’.
The users can then review the NPS investment details and the breakup of the amount, and then tap ‘proceed to pay’ to select the preferred payment mode, and complete the payment.