Paytm to see the payment gateway of LIC
2021-04-21
Life Insurance Corporation of India (LIC) has appointed Paytm to facilitate its digital payments. The state-run insurance firm had tied up with another payment gateway earlier but has now south a new deal with Paytm as most of its payments have moved to digital modes.
As per the new agreement, the payment process needs to be smoother including a broader range of payment options and the inclusion of more players - banks, wallets, etc - in payment channels.
According to sources, at least 17 payment platforms had bid proactively for LIC’s contract. However, Paytm’s wide range of payment services helped it bag the contract over all the other players. LIC has witnessed a surge in digital payments after the pandemic in 2020. It collected premiums worth Rs 60,000 crore through digital modes - not payments made through banks - during the pandemic.
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