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Paytm to Provide Life Insurance to Offline Partner Stores and their Staff to promote Digital Payment

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Paytm to Provide Life Insurance to Offline Partner Stores and their Staff to promote Digital Payment

When Paytm is all set to take care of your work, and you!




• Up to Rs 5 lakh, Life Insurance cover to individuals
• Ensures financial security of their families
• Increased thrust on widespread adoption of digital payments

New Delhi, June 25, 2018: One97 Communications Limited, that owns the brand Paytm, which is India’s largest payments company and offers multi-source and multi-destination payment solutions has announced that it will offer life insurance cover to eligible offline partner stores and their staff that accept digital payments. An existing Life Insurance player will provide the insurance policy and the premium will be borne by Paytm. This is aligned with the company’s commitment to promote and strengthen cashless transactions.

Most of the staff members at these stores do not have access to insurance, or they believe that it isn’t needed for them. Paytm has been working closely with its merchant partners and now wants to encourage them to further scale the acceptance of digital payments. Life insurance offering will help secure the lives of families whose financial security is often severely threatened at the demise of their sole bread-earner. They will also have the option to insure their families or increase the insurance cover value in exchange for a nominal amount.

Kiran Vasireddy, COO – Paytm said, "It is our responsibility to help India realize the vision of a digital economy and our offline partner stores are helping us achieve this goal by educating people about the convenience of digital payments. We firmly believe that our partners are an integral part of the Paytm family and to support them, we are offering cashless life insurance to them and their staff members. This insurance will offer their families a much needed financial security and it’s the best way to thank them for everything they continue to do for us.”

With the Paytm QR, users can now make payments directly through their Bank account at zero cost and also avail cashback. Paytm users no longer require to add money to their wallet in order to make payments. They can make payments or transfer money from their bank account to any bank account using the Paytm app.

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