Mobile payments wallet Paytm Thursday said it has partnered major insurance companies to offer online premium payments and is targeting premium payments of Rs. 1,000 crores by the end of the fiscal. Also Read - How to book COVID-19 vaccine slot via Paytm App, get Covaxin and Covishield shots with these simple stepsAlso Read - Alert! Paytm cashback scam: Fake Paytm website, it's a trick to steal your money
Insurance companies ICICI Prudential Life, Religare Health, Reliance Life and Reliance General have partnered the Alibaba-backed company to assist consumers in paying their insurance premiums online. “Our commitment is to provide users with simple and seamless payment experience. I strongly believe that we will be able to increase the renewal rate for the insurance companies,” Senior Vice President of Paytm Kiran Vasireddy said. Also Read - 5 apps helping people get through the COVID-19 second wave: Twitter, CoWIN, Aarogya Setu
Paytm is going live with over 15 companies by the end of next quarter and over 100 million registered users of Paytm can now pay their insurance premiums on-the-go. It also plans to offer consumers deals if they opt for this particular medium to pay their renewal premiums. With this, Paytm aims to be a one-stop shop for all bill payments and recharges. This is part of the larger expansion agenda of the firm, which recently entered into hotel aggregation.
Paytm, has also been granted the in-principle licence for payments banks from Reserve Bank, is looking to invest about Rs. 1,200 crores in payments banks over the next three years, it said. The company has set out a target of April-May 2016 for rolling this out.