Paytm has announced that within a year of the launch of the payment use-case- 'Loan EMI, Credit Card Bill, and Insurance premium,’ it has apprehended 70 percent market share in the thick of all mobile payment apps for BFSI payments.

In recent years, it has partnered with some of the leading companies in the banking and insurance sector. It has collaborated with 30 major insurance and 45 major finance companies in India such as LIC, HDFC

Life, ICICI Prudential, SBI General Insurance, Hero FinCorp, Muthoot Finance, India Bulls, L&T finance, PNB, and others. This is initiated with the objective to become a single window that enables all sorts of payments. On the positive note, this has encouraged millions of users to adopt digital payment methods ditching the conventional practice of visiting the bank branch.

What’s more fascinating is that Paytm receipts are now being used for income-tax related actions as well. Declaration and payments record can easily be viewed through this app.

"We are partnering with various service providers to offer the convenience of BFSI payments on the Paytm app. In a short span of time, we have become the largest contributor for such payment collection and are registering significant month-on-month increase. We are ensuring to reach the small cities and towns to educate them to make such payments on the Paytm app digitally," confirms, Deepak Abbot, Sr. Vice President, Paytm.