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Insurance majors such as Religare Health, Reliance Life, ICICI Prudential etc. have tied-up with Paytm that will enable their customers to make premium payments online, a move which will benefit over 100 million registered user base and increase the percentage of policy renewable.
“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.
In the first phase, Paytm plans to tie-up with over 15 insurers by the end of next quarter. In addition to simplifying the mode of payment towards insurance premium, the mobile wallet company will be offering incentives to its users who opt for this medium for policy renewables.
It has already been granted the in-principle licence for payments banks from Reserve Bank is looking to invest about Rs 1,200 crore in payments banks over the next three years.
As part of the expansion plan, Paytm has also set-foot in hotel aggregation sector. Wallet top up at ATMs: Last week, Paytm started allowing recharges to its wallet through Bank of Maharashtra ATMs. It isn’t clear however, if other banks debit cards can be used at these machines or if the deal was exclusive to Bank of Maharashtra customers.