LIC appoints Paytm to handle digital payments

Mumbai: An Indian government-owned insurance and investment corporation Life Insurance Corporation of India (LIC) has appointed Paytm, the multinational e-commerce payment system to facilitate its digital payments. 

 

The earlier tie-up of the company with other payment gateways sought to a fresh contract for better and a smoother payment procedure for every customer. 

 

According to sources, 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. (Mentioned TOI)

 

After, this pandemic the company and customers shifting towards digitalization, and seeing this LIC does Rs 60,000 crore of premium collections through 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, according to TOI.

 

Keeping in mind the corporation has come into this contract and for the premium payment methods, which will lead to the easy, UPI transaction and direct through bank transaction which will hardly cost any time. 

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