Digital payment platform Paytm has got a huge success. Paytm has surpassed all mobile payment apps in BFSI payments in a year of introducing ‘credit card bills, loan EMI, and insurance premium’ payment facility and has achieved a 70% market share.
The company is increasingly adding insurance and banking sector partners on its platform so that it becomes the only platform for such type of payments. The company has partnered with over 45 financial companies and also 30 primary insurance companies.
The companies include all the primary insurance and financial companies in the country, including LIC, ICICI Prudential, HDFC Life, Indiabulls, Hero Fincorp, SBI General Insurance, PNB, Muthoot Finance, L&T Finance, among others. Paytm receipt can be used to record income tax declaration or payment, which can be easily seen in the app anytime.
Paytm is the only biggest platform for the BFSI (Banks, Financial Services and Insurance) payments. Since its launch, more than 5 crore transactions were done in a year. Payment has encouraged a huge number of consumers to pay through Paytm instead of paying by check or visiting the branches of the bank.