New Delhi : PhonePe, a popular digital payments app, has teamed up with Bharat Connect (formerly BBPS) to allow users to easily contribute to their National Pension System (NPS) accounts. With this new feature, PhonePe makes retirement savings simple, accessible, and secure, giving millions the chance to plan their financial future directly from their phones.
Why It Matters: The NPS is a smart choice for retirement planning, offering tax benefits and a reliable savings corpus. Previously, people had to visit specific websites to make NPS contributions, but now they can do it directly through the PhonePe app. This feature also supports those who may not have had access to easy, digital payment methods for their retirement savings before.
Key Benefits:
Convenience – PhonePe users can now contribute to NPS anytime, anywhere.
Security – PhonePe’s secure payment system ensures safe transactions.Inclusion – This partnership is designed to make financial planning accessible to everyone, even those less familiar with traditional banking platforms.
How to Contribute to NPS on PhonePe : Open the PhonePe app and go to ‘recharges and pay bills’.Choose ‘National Pension System’ in the ‘Financial Services and Taxes’ section.
Enter your 12-digit PRAN or mobile number, date of birth, tier, and the amount you want to contribute.
Confirm the details, agree to the terms, and select your payment method to complete the process.
Expert Insights:
Noopur Chaturvedi, CEO of NPCI Bharat BillPay, says the integration aims to make retirement planning easier and more accessible.Sonika Chandra, Chief Business Officer at PhonePe, highlights how this partnership enhances the user experience by offering a secure, user-friendly NPS contribution process.
