LIC ties-up with Paytm for e-payments
Around Rs 60,000 crore of premium collections is done via digital mode and sees around 8 crore digital transactions
The listing of LIC will be crucial for the government to meet its disinvestment target
Looking to ramp up its digital offerings, LIC has tied up with Paytm for its digital payments.
According to a report in The Times of India, there were 17 payment platforms that had bid aggressively. Paytm’s ability to straddle multiple payment services worked in its favour as others were dominant in particular segments like UPI or cards.
LIC has seen a surge in digital payments after the pandemic. Around Rs 60,000 crore of premium collections is done via digital mode and sees around 8 crore digital transactions.
LIC had sought an end-to-end solution not just for all types of collections, including remittance of collections by insurance agents.
Published: April 19, 2021, 14:00 IST
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