Within a year of launching its Banking, Financial Services and Insurance (BFSI) payments category, Paytm, India’s widely-used transaction platform, based out of Noida, has claimed to have registered over 50 million transactions through BFSI, cited yourstory.
The company said that it has tied up with more than 30 insurance companies and more than 45 finance companies. These include all major insurance and finance companies in India.
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 significant month on month increase. We are ensuring to reach to the small cities and towns to educate them to make such payments on the Paytm app digitally.”
Based out of Noida, Paytm was founded in 2010 by Vijay Shekhar Sharma with an aim to bring an ease in the digital payments ecosystem across India.
The platform has also been onboarding partners from the insurance and banking sector to become a single platform for BFSI payments.
The company has also made a claim that the payment facility has encouraged millions of users to make digital payments instead of submitting cheques or visiting the bank branch.
Furthermore, according to the company, Paytm receipts are also being used for an income-tax declaration and such payments record can easily be viewed within the app. Paytm app also reminds the users to make monthly, quarterly, yearly payments instantly.
Paytm said it was looking to develop the buying behaviour of customers by using Paytm at offline stores through this change in strategy.