Paytm launches affordable healthcare and income protection plan for merchants

Paytmhas launched the 'Paytm Health Saathi' plan, offering affordable healthcare and income protection to its merchant partners.

Starting at Rs 35 per month, the plan provides unlimited doctor teleconsultations, in-person doctor visits within the partner network, and income protection in case of accidents, natural calamities, or strikes is available through the 'Paytm for Business' app.

The teleconsultation service, powered by MediBuddy, includes discounts at pharmacies and on diagnostic tests. The claim process is streamlined within the app.

Paytm said over 3,000 merchants have already enrolled in the plan since its pilot in May.

"The launch of Paytm Health Saathi underscores our steadfast commitment to ensuring the welfare of our merchant partners. This initiative is part of our mission to equip them with comprehensive and affordable coverage that supports their continued operations. By offering tailored solutions, aligned to their needs, we aim to strengthen the robust support system we provide to our community of business owners," a paytm spokesperson said in a statement.

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Since the Reserve Bank of India (RBI) sanctioned Paytm's payments bank, and forced Paytm to close bank accounts, some its merchant businesses have taken hits.

The company had 1.07 crore merchants paying for device subscriptions as of March 2024, up 58% from 68 lakh as of March 2023.

However active device base has declined by approximately 10 lakh due to higher attrition in February and March, the company said in the release.

In Q4, the merchant subscription revenue was Rs 90 per device per month. The company anticipates this figure to drop to Rs 80 in the first quarter of FY25 but expects it to rise to Rs 100 by the fourth quarter of FY25.

It's loans to merchants also fell by 28% to Rs 1671 crore in Q4FY24.