Paytm to handle e-payments for LIC India

Paytm to facilitate digital payments for LIC India, after linkup with another payment doorway earlier, the insurance colossal has sought a fresh contract as most of its payments shift to digital modes. The new contract necessitates an evener payment process, a broader variety of payment options, and adding more players (banks, wallets, etc) in payment channels.

According to the fonts, there were 17 payment platforms that had attempt aggressively. Paytm’s capability to span multiple payment services worked in its favor as others were dominant in particular segments like UPI or cards.

LIC has seen an outpouring in digital payments after the pandemic. The corporation does 60,000 crores of premium collections from the digital mode, which does not include the payment made through banks. It sees around 8 crore digital transactions a number expected to go up sharply.

LIC had pursued an end-to-end solution not just for premium payments but for all types of collections including remittance of collections by insurance agents. The directive also comprises automation of some courses.