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LIC Partners with Paytm to Facilitate ePayments
The state-run Life Insurance Corporation of India (LIC) merges with digital payment platform Paytm to facilitate e-payments for its customers. Earlier, the insurance giant had partnered with another payment gateway and now has sought for fresh contract as most of its payments have shifted to digital modes. However, this new contract needs a smoother payment process and wider variety of payment options and adding more players in the payment channels.
Furthermore, the sources have revealed that there were close to 17 payments platforms that had bid aggressively. Paytm’s capacity to manage multiple payment services certainly worked in its favour as others were dominant in particular segments such as UPI or cards.
LIC has witnessed a surged in digital payments post the pandemic. The corporation does 
60,000 crore of premium collections from the digital mode, however, this does not include the payment that are made through banks. Also, it obtained about eight crore digital transactions that is a number expected to go up sharply.LIC had required an end-to-end solution not just for premium payments but for all sort of collections that include remittance of collections by insurance agents. Furthermore, the mandate also involves automation of some processes.
The insurance has witnessed an upsurge in e-payments post the COVID-19 pandemic. The PSU insurer collects premiums close to 60,000 crore through digital mode, which doesn't comprise payments made through banks.
Thus, LIC has obtained approximately eight crore digital transactions, a number likely to go up sharply. The state-owned insurer had sought an end-to-end solution, not just for premium payments but for all kinds of collections that include remittance of collections by insurance agents.
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