Paytm has entered into partnerships with various insurance companies including ICICI Prudential Life, Religare Health, Reliance Life and Reliance General to aid the payment of insurance premiums online through its wallet. According to Paytm, it is looking to sign up over 15 companies by the end of next quarter.
ICICI Prudential, Reliance Life Insurance and Religare Health are currently live on the platform, while the rest of the insurers expected to go live by next week. Paytm mentions that it will also enable a ‘closed loop process’ that will remind customers about when their insurance is due, other than providing customers with deals and offers when paying the insurance.
Wallet top up at ATMs: Last week, Paytm started allowing recharges to its wallet through Bank of Maharashtra ATMs. It isn’t clear however, if other banks debit cards can be used at these machines or if the deal was exclusive to Bank of Maharashtra customers. It’s also worth remembering that Paytm said it would open around 50,000 offline retail outlets where users could load cash into their wallets. In recent times, Paytm has been expanding the scope of its payments to offline nodes. Earlier this month, it also started allowing payments on Kirana stores via QR codes.
Hotel bookings & local deals : Again this month, Paytm said it would launch hotel bookings in its next update to its iOS and Android apps. The platform claimed it would offer over 20,000 hotel listings across the country in the first phase of the rollout. This was a week after the platform said it would enter the hyperlocal services vertical, starting with food ordering, table bookings, cinema tickets and deals in the user’s neighbourhood.
Last month, the company said that it would add movie and entertainment tickets on its platform within a week. However, none of these features seem to be live for now. Note that, Paytm has been preparing to enter the hyperlocal vertical for quite sometime now. In July it funded an online to offline app-only marketplace called Little. In April the company launched an app called Zip which was to connect local offline and online grocers. Paytm also has a tie-up with the hyperlocal on-demand transport and delivery services provider Jugnoo, which raised $5 million from Snow Leopard and Paytm in June.
100 million users : In August, Paytm claimed to have crossed 100 million users in the country, while carrying out over 75 million transactions per month. Earlier in July, Paytm also started offering industrial supplies on its platform including hand tools, power tools, safety and security equipment, test & measurement apparatuses, machines, lab supplies, abrasives etc.