LIC, Paytm partner to facilitate digital payments

Tuesday 20 April 2021 13:44 CET | News

Life Insurance Corporation of India (LIC) has appointed Paytm to facilitate its digital payments.

According to Business Today, the initiative follows a collaboration with another payment gateway, and the company has sought a new deal as the majority of its payments have moved to digital. The new agreement requires an easy payment process, a broader range of payment options, and more players (wallets, banks, for instance) in payment channels.

Furthermore, LIC has witnessed an acceleration in digital payments following the COVID-19 pandemic. The company sees approximately 8 crore digital transactions, a figure likely to go up sharply. 

Overall, the partnership comes to offer the company a end-to-end solution, not only for premium payments but for all kinds of collections comprising remittance of collections by insurance agents, Business Today stated.

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Keywords: Paytm, partnership, payment gateway, online payments
Categories: Payments & Commerce
Countries: India
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