PhonePe Processes Over 1.1 Crore Insurance Premiums
- IBEF
- December 18, 2020
On Thursday, PhonePe digital payments network stated that it recorded over 1.1 crore insurance policy premium payments in the last one year.
The business provides consumers with an easy and safe choice for over 30 insurers to pay insurance premiums.
With PhonePe experiencing high and active participation from tier-2 and tier-3 cities, with 80% of the premiums being charged through customers residing in these markets, the need for this feature was strongly supported.
“The online payment world is transforming the way individuals transact and invest rapidly. Insurance as a market, is gaining tremendously from these macro trends”, said Mr. Ankit Gaur, Director of Business at PhonePe.
“The popularity of digital payments will only continue to expand, and we are on track to achieve our target of creating a fully open payment network for a billion Indians.”
PhonePe is a top leading payments platform with registered users of over 25.8 crore. Using PhonePe, users can send and receive cash, recharge cell phones, DTH, data cards, pay in shops, pay for services, buy gold and make investments.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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