InvestorQ : What is the tie-up between LIC and Paytm on digital payments?
ishika Banerjee made post

What is the tie-up between LIC and Paytm on digital payments?

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8 months ago
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Life Insurance Corporation of India or LIC, which is India’s largest life insurer, has appointed Paytm as the official facilitator for its digital payments. LIC already has digital premium collections of Rs.60,000 crore each year and now wants to build a full strategy around it. According to LIC, Paytm has a smooth payment process and it integrates a wider variety of payment platforms including banks, cards, tap loans and wallets.

Paytm was selected out of 17 short listed payment platforms that had bid for the highly prestigious LIC account. The contract will entail expanding its digital premium collections as well as a comprehensive integration of all digital payments under one umbrella. This will include the two way flow of funds between LIC and its army of agents across India.

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