One of India’s leading e-commerce platform Paytm has announced that it has captured 70 percent of market share amongst all mobile payment apps for BFSI payments within the year of its launch of another payment use-case- ‘Loan EMI, Credit Card Bill, and Insurance premium’.
Paytm has been tieing up with insurance and banking sector companies to become a single platform for such payments. The company has successfully tied-up with 30 major insurance companies and other 45 finance companies like LIC, HDFC Life, ICICI Prudential, SBI General Insurance, Hero FinCorp, Muthoot Finance, India Bulls, L&T finance, PNB, and others.
Deepak Abbot, Senior Vice President, Paytm, said “We are partnering with various service providers to offer the convenience of BFSI payments on the Paytm app. In a short span of time, we have become the largest contributor for such payment collection and are registering a significant month-on-month increase. We are ensuring to reach the small cities and towns to educate them to make such payments on the Paytm app digitally.”
Paytm has registered over 50 million transactions within a year of its launch becoming a single largest platform to provide service to banks, financial services, and insurance (BFSI) payments. This has encouraged millions of users to make digital payments instead of submitting cheques or visiting the bank branch.