Digital payment platform Paytm has got a huge success. Paytm has surpassed all mobile payment apps in BFSI payments within a year of introducing ‘loan EMI, credit card bills, and insurance premium’ payment facility and has achieved 70 percent market share.
The company is fast adding insurance and banking sector partners on its platform, so that it becomes a single platform for such payments. The company has partnered with 30 major insurance companies and over 45 financial companies.
These include all the major insurance and financial companies in the country, including LIC, HDFC Life, ICICI Prudential, SBI General Insurance, Hero Fincorp, Muthoot Finance, Indiabulls, L&T Finance, PNB, among others. Paytm receipt can be used to record income tax declaration or payment, which can be easily seen in the app anytime.
Paytm is the single largest platform for banks, financial services and insurance (BFSI) payments. Since its launch, more than 5 crore transactions were done in a year. This has encouraged millions of consumers to pay through Paytm instead of paying by check or visiting the branches of the bank.
Paytm Senior Vice President Deepak Abbott said, ‘We have partnered with various service providers to facilitate BFSI payments. In a short time, we have become the biggest contributor of this type of payment, and are achieving a month-on-month growth rate. We are making sure to reach small cities and towns, so that the people there can learn and make this type of payment on digital app. (With IANS input)