Paytm claims to have registered over 50M transactions within a year of launching its BFSI payments category
Digital payments company, Paytm on Monday said that it has registered over 50 million transactions within a year of launching its Banking, Financial Services and Insurance (BFSI) payments category. The category allows users to pay their loan EMI, credit card bill, and insurance premium, digitally through the Paytm platform.
The payments platform has been onboarding partners from the insurance and banking sector to become a single platform for BFSI payments.
In a statement, 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 such as LIC, HDFC Life, ICICI Prudential, SBI General Insurance, Hero FinCorp, Muthoot Finance, India Bulls, L&T finance, PNB, etc.
In addition, the company claims that the payment facility has encouraged millions of users to make digital payments instead of submitting cheques or visiting the bank branch.
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."
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.
However, Paytm has also been focussing actively towards its offline payments strategy, lately.
In June, Paytm also said that it is changing its ‘cashback’ strategy to focus on offline merchant payments at retail kirana stores, rather than giving it for P2P UPI payments.
Paytm said it was looking to develop the buying behaviour of customers by using Paytm at offline stores through this change in strategy.
In June, Paytm said it would invest Rs 250 crore for the expansion of Paytm QR in Tier IV and V towns this year. Paytm expects to reach more than 20 million merchants across India by the end of this fiscal with this investment.