InstantPay Granted Corporate Agency License by IRDA. Plans to partner with leading insurers to sell insurance in tier 2 and 3 cities
InstantPay will be offering a range of insurance products, including health, general and life insurance to the end customers. It aims to reach out to millions of underbanked Indians in the tier-2 and tier-3 cities of the country. It will be deploying additional manpower in the current and next financial year to build its insurance vertical as well as explore new territories.
Speaking on the sidelines of the announcement, said, “The granting of the CA license by IRDA is an important milestone for InstantPay and deepens our belief towards playing a pivotal role in the industry. We already have an extensive network of merchants who have been enabling financial services for the end customers and are committed to driving financial inclusion in India. Insurance is an extremely underpenetrated category with 3.69% penetration in India as per a report by IRDA earlier this year. We aim to sell innovative products that will appeal to the larger India, through our merchant network. We look forward to partnering with any three insurance companies in the health, general and life insurance segments.”
Founded in 2013, InstantPay was conceptualized with a vision to drive ‘Financial Services for the larger India’. InstantPay is focused on bridging the gap which traditional banks have not been able to since the inception of banking in India. InstantPay started with building a large network of ‘Digi Kendras’ or banking kiosks which are empowered to carry out mainstream financial transactions as performed in a bank branch, thus bridging the gap between the ‘Rural’ and the ‘Digital India’. The company has more than 1,00,000 Digi Kendra’s across India and aims to increase this number considerably over the next couple of years. For SMEs, InstantPay serves as a full-fledged business banking suite offering payments, collections, expense and cash management services, all on a single platform. InstantPay works on an innovative asset-light model and is committed to playing a pivotal role in driving financial inclusion in India.