Paytm Could Could Soon Offer Insurance Policies, Give Credit Scores and Loans
After disrupting online payments and gently nudging eastward-commerce, Paytm could be taking upward ii new ventures. As per contempo reports, the visitor has registered new units with the Registrar of Companies (RoC) that are concerned with insurance products. At the same time, the company under One97 Communications appears to be planning for a lending business.
Paytm to Sell Insurance
The fintech company has registered 2 new entities, reports Mint, on Feb 21 which will offer products similar motor, health, travel, or other types of insurances.The two entities accept been listed under the monikers, "Paytm Life Insurance Ltd" and "Paytm Full general Insurance Corporation Ltd". This is in accordance with the RoC's regulation which states that companies must register arms serving insurance products as separate entities.
From the names, it is safe to assume that the company is interested in offering its ain insurance policies instead of only serving every bit an aggregator like other players including PolicyBazaar or EasyPolicy. Currently, the merely net company in India which sells online-but insurance is Acko General Insurance. Farther, Mint too reports that Paytm might presently offering other investment bonds and mutual funds under the venture.
Credit Concern
Apart from the insurance business concern, Paytm has registered a product under the name of "Paytm Score" which will allow users to clarify their credit score. The Economic Times notes that the firm is looking to aggrandize its roots in the area of credit and loans and recently acquired a stake in the online lending service CreditMate. The company also introduced a virtual credit card forth with ICICI Bank back in November last year.
This score will be determined on the basis of transactions done using the digital wallet and beyond other services offered by Paytm. This data volition and then exist shared by the company with its partners which offer credit and loans. As per ET, Paytm is already in talks with several not-cyberbanking financial institutions and lending firms.
Experts believe that this pace by the company, i of India's most innovative, is part of the natural evolution of fintech companies and appears to exist inspired past investor Alibaba which launched a credit score service in 2015 for Chinese users. Credit is expected to exist the main driver of acquirement for Paytm's payments bank solution.
These efforts could also aid Paytm brace itself against competition from not-finance companies similar WhatsApp, which is encroaching the fintech concern.
Source: https://beebom.com/paytm-insurance-credit-score-loans/
Posted by: mercersheill.blogspot.com
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