Digital payments leader Paytm has announced that within a year of the launch of yet another important payment use-case - 'Loan EMI, Credit Card Bill, and Insurance premium' - it has captured 70 per cent market share amongst all mobile payment apps for BFSI payments.
The company has been rapidly onboarding partners from the insurance and banking sector to become a single platform for such payments. It has tied-up with more than 30 major insurance companies and more than 45 finance companies.
These include all major insurance and finance companies in India such as LIC, HDFC Life, ICICI Prudential, SBI General Insurance, Hero FinCorp, Muthoot Finance, India Bulls, L&T finance, PNB, and others.
Paytm is the single largest platform for banks, financial services, and insurance (BFSI) payments. It registered over 50 million transactions within a year of its launch. This has encouraged millions of users to make digital payments instead of submitting cheques or visiting the bank branch.
Paytm receipts are also being used for an income-tax declaration and such payments record can easily be viewed within the app.
"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 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," said Deepak Abbot, Sr. Vice President, Paytm.