The mobile payments wallet Paytm has partnered major insurance companies for offering online premium payments and it targets premium payments of Rs 1,000 crore by the end of the fiscal.
Kiran Vasireddy, Senior Vice President of Paytm said, “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.”
By the end of the next quarter, Paytm is going live with over 15 companies and over 100 million registered users of Paytm can pay their insurance premiums on the go now.
It is also planning to offer consumers deals if they go for this particular medium for payment of their renewal premiums.