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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