Online payments platform, Paytm will buy insurance for all eligible offline partner stores and their staff, who offer digital payments. The company said it will bear the premium for the insurance policies.
However, Paytm didn’t disclose the name of the company from which insurance will be bought. The company said, paying for the insurance covers is another way in which it seeks to promote and strengthen cashless transactions.
“We firmly believe that our partnersare an integral part of the Paytm family and we are offering cashless life insurance to them and their staff members. This insurance will offer their families a much needed financial security,” said Paytm COO Kiran Vasireddy.
The beneficiaries of the scheme will also have the option to insure their families or increase the insurance cover value in exchange for a nominal amount. Paytm did not mention how many families or staff members would be covered under this scheme.
This move from Paytm is likely to increase its customer base in coming days.