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<ul><li><keyword id="2750705" type="PERSON" weightage="20" keywordseo="Google-Pay">Google Pay</keyword> will soon start offering <keyword id="113735" type="PERSON" weightage="20" keywordseo="gold-investment">gold investment</keyword> options on its platform. </li><li>According to reports, it may also offer mutual funds and insurance plans. </li><li><keyword id="6357120" type="DEFINITION" weightage="20" keywordseo="paytm">Paytm</keyword> had introduced <keyword id="4465249" type="PERSON" weightage="20" keywordseo="digital-gold">digital gold</keyword> investment in India in April 2017.</li></ul>Google Pay is stepping up its game to fight its Indian rivals Paytm and <keyword id="6357886" type="UNKNOWN" weightage="20" keywordseo="phonepe">PhonePe</keyword>. Following in their footsteps, Google Pay will now offer gold investment options to consumers. According to <a href="https://www.livemint.com/industry/banking/google-pay-starts-offering-digital-gold-mutual-funds-coming-soon-1553721132284.html">reports</a>, Google Pay is not just toying with the idea of selling digital gold but also mutual funds and insurance. The digital payments wing of Google has already updated its terms of service to say “GAP shall mean the Gold Accumulation Plan provided by MMTC” and “Gold Account means such account on Google Pay which has been linked to the GAP.” However, Google Pay’s gold offering comes two years late in the game. India’s payments unicorn Paytm had introduced digital gold investments to its users in April 2017. In August 2018, Paytm had <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/paytm-gold-to-touch-1-5-ton-in-gold-transactions/articleshow/65510054.cms">said</a> that it is going to cross 1.5 tons in gold transactions through its platform with a 70% share of MMTC-PAMP’s virtual gold offerings in the country. MMTC-PAMP India Pvt. Ltd. is an industry leader to bring global standards of excellence to the Indian precious metals industry. As of September 2018, Google Pay had announced that it has 25 million users in India. It seems that payments platforms in India are in for a big fight with Google Pay’s plans to push boundaries and offer digital gold, mutual fund services and more – features which Paytm has already been offering. But the rigorous push from Amazon Pay, with its offline ‘scan and pay’ service too is going to make a dent into the consumer numbers of its rivals. According to <a href="https://thenextweb.com/in/2019/03/22/wechat-pay-to-reportedly-take-on-google-pay-and-paytm-in-india-later-this-year/">reports,</a> the Chinese giant WeChat is also eyeing India’s payments market and aims to enter the segment in late 2019. See Also: <a href="https://www.businessinsider.in/google-wallet-creator-osama-bediers-startup-poynt-will-launch-in-india-in-2019/articleshow/68145220.cms">The creator of Google Wallet is making a big bet on India via his 4-year old startup</a> <a href="https://www.businessinsider.in/amazon-india-and-amazon-pay-sales-may-increase-as-the-online-retail-giant-expands-physical-presence/articleshow/68590870.cms">After 7 years in India, Amazon has finally learnt that there is more money offline</a> <a href="https://www.businessinsider.in/from-swiggy-vs-bigbasket-to-paytm-vs-bookmyshow-indian-startups-are-growing-by-becoming-rivals/articleshow/68351389.cms">Do Swiggy, OYO, and Paytm lack Silicon Valley’s planning and conviction?</a>

Google Pay wants to offer Indians their favourite investment option – gold

New Delhi, Apr 15 () Digital payments major Paytm on Wednesday said it has named Vineet Arora as the managing director and chief executive officer of Paytm General Insurance Ltd. The appointment, which is subject to regulatory approvals, is a step for Paytm to further its journey into the insurance sector with an immediate focus on General Insurance, the company said in a statement. Arora will lead the efforts to provide industry-leading solutions in the general insurance space, where Paytm continues to explore options to enter the sector, it added. "The financial service solutions that Paytm is building for millions in India are relevant globally as well. With Paytm leading the way I believe just like payments, the general insurance industry would also go through a major transformation going forward," Arora said. Previously, Arora served as the managing director and chief executive officer of Aegon Life Insurance Company and was part of the India Leadership team. Before that, he was senior general manager and head Product, Distribution, Marketing and Wealth Management at ICICI Securities Ltd where he built a profitable distribution business across various delivery channels. SR SHWSHW

Paytm General Insurance Ltd names Vineet Arora as MD, CEO

New Delhi, Jul 6 () Paytm, owned by One 97 Communications Ltd, along with its founder Vijay Shekhar Sharma will acquire Mumbai-based private sector general insurance company Raheja QBE, a company statement said. "Raheja QBE is owned 51 per cent by Prism Johnson and 49 per cent by QBE Australia. Paytm is set to acquire both stakes and would own 100 per cent of the company," Paytm said in a statement. The company, however, did not disclose the financial details of the transactions. The acquisition is subject to customary conditions, including approval from the Insurance Regulatory and Development Authority of India (IRDAI), the statement added. Meanwhile, Prism Johnson Ltd, formerly Prism Cement Ltd, in a separate statement said its board has approved selling its entire 51 per cent stake in its general insurance joint venture Raheja QBE General Insurance Company Ltd (RQBE) to Paytm and Vijay Shekhar Sharma for about Rs 290 crore. In a regulatory filing Prism Johnson said its board has approved divestment of 51 per cent of the paid-up equity share capital in RQBE, a material subsidiary, to QORQL Pvt Ltd for an aggregate consideration of Rs 289.68 crore. QORQL Pvt Ltd, is a technology company with majority shareholding of Vijay Shekhar Sharma and remaining held by Paytm. "It is an important milestone in Paytm's financial services journey, and we are very excited to welcome Raheja QBE General Insurance into the Paytm family. "Its strong management team will help us accelerate our journey of taking insurance to the large population of India with the aim to create a tech-driven, multi-channel general insurance company with innovative and affordable insurance products," said Amit Nayyar, President at Paytm. Commenting on the development, QBE Australia Pacific Chief Executive Officer, Vivek Bhatia said, "today's announcement marks both a continuation of QBE's strategy to simplify our business and the beginning of a new &amp; exciting chapter for our strong team at Raheja QBE." Prism Johnson said the consideration to be received by the company for the divestment is subject to certain adjustments which may be carried out between the date of execution of definitive agreement and closure of the sale, and other customary terms for a sale of such nature. The divestment will result in the termination of the company's joint-venture with Australia's QBE in the general insurance business in India. Post the Divestment, RQBE will also cease to be a subsidiary of the company," Prism Johnson added. Raheja QBE which started operations in 2009, is a joint venture between Prism Johnson Ltd and QBE Insurance Group, one of Australia's largest insurers. SVK SR DRR DRR

Paytm, Vijay Shekhar Sharma to acquire Raheja QBE General Insurance

<ul><li>Paytm is reportedly in talks to acquire <keyword id="7716572" type="UNKNOWN" weightage="20" keywordseo="insurtech-startup">insurtech startup</keyword> <keyword id="2821957" type="PERSON" weightage="20" keywordseo="Coverfox">Coverfox</keyword> for $120 million. </li><li><keyword id="198636" type="PERSON" weightage="20" keywordseo="Vijay-Shekhar-Sharma">Vijay Shekhar Sharma</keyword>, Paytm founder and CEO, had earlier in an interview with Business Insider said that they are looking at the <keyword id="35450" type="COMPANY" weightage="20" keywordseo="insurance">insurance</keyword> sector. </li><li>If closed, this could be one of Paytm’s biggest acquisitions. </li></ul>Paytm which has made its mark in the Indian digital payments space is reportedly looking at acquiring insurtech startup Coverfox for a whopping $120 million, reported <a href="https://tech.economictimes.indiatimes.com/news/startups/paytm-in-talks-to-acquire-coverfox/69625293">ET</a>. The reports say that the talks are in early stages, still. Paytm founder and CEO Vijay Shekhar Sharma had earlier told Business Insider in an interview of their plans to expand financial offerings. “This year, we plan to double down on payments to reach Tier 5 and 6 cities of India. We are also looking at expanding our financial services – Insurance is one of the sectors that we want to get into,” Sharma had told BI. There are over 142 insurtech startups in India according to Tracxn. Online insurance industry in India is <a href="https://trak.in/tags/business/2014/03/19/online-insurance-india-growth/">reportedly</a> all set to be worth ₹200 billion by 2020. If it is closed, this deal would be Paytm’s biggest acquisition so far, marking its grand debut into the insurance sector. It will then compete with the likes of Policybazaar, also funded by Paytm’s investor – Softbank. Paytm’s valuation is set to hit $18 billion, according to <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/paytm-raising-up-to-2-billion-valuation-may-soar-to-18-billion/articleshow/68606766.cms">reports.</a> However, when reached out, Coverfox said, "As a company policy, we do not comment on speculation." Coverfox, whose parent company is Glitterbug Technologies, was reportedly in the market looking for a fresh round of funding of $50 million. Its latest valuation is <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/coverfoxs-parent-company-glitterbug-is-out-to-raise-50-million-in-new-round/articleshow/68313619.cms">reported </a>to be around $150-$200 million. In its last funding round in April 2018, the insurance aggregator had raised $22 million in a Series C funding led by IFC, Transamerica and existing investors - SAIF Partners, Accel and NR Narayana Murthy’s private investment arm - Catamaran Ventures. Coverfox was started in 2014 by Devendra Rane and Varun Dua. Two years later, Dua had gone on to found another insurtech startup Acko General Insurance. See Also: <a href="https://www.businessinsider.in/facing-jio-paytm-founder-vijay-shekhar-sharma-plans-a-ticket-to-us/articleshow/69053166.cms">‘I want it all and I want it now’, says Paytm founder Vijay Shekhar Sharma as he plans a ticket to the US</a> <a href="https://www.businessinsider.in/binny-bansal-and-others-invest-65-million-in-insurtech-startup-acko-with-a-300-million-valuation/articleshow/68402912.cms">This Indian insurance startup may be worth $300 million in just over two years</a>

Paytm could be spending big money for its insurance debut

Mumbai, Apr 7 () Paytm on Tuesday said it has partnered KVN Foundation to serve 75,000 meals per day to migrant workers and daily wage earners across Mumbai, Bengaluru, Hyderabad, Chennai and Noida during the lockdown to prevent spread of coronavirus pandemic. "The livelihood of daily wage earners has been affected during this lockdown. We wanted to help them and ensure that their children and families do not go hungry. "Our partnership with the KVN Foundation is a step in this direction. We will continue to work towards providing relief to the ones who cannot fend for themselves," Paytm Vice President Siddharth Pandey said in a release here. KVN Foundation, launched the 'Feed My City' initiative in Bengaluru on March 27, initially serving 500 meals per day to people who have lost their source of income due to the lockdown in the country. They aim to serve 30 lakh meals over the next few weeks, the release added. "During this crisis, the daily wage worker, migrant worker and those without any safety nets, steady income, insurance or savings have been the worst affected, without any hope or relief. "In countless little ways, all these people add value to our lives on a daily basis. We can't have a full meal knowing fully well that millions of these people are starving to death. We have now made it possible to contribute easily to this cause, to the city of your choice," the KVN Foundation added. Paytm is also aiming to contribute Rs 500 crore to PM CARES Fund, and has already collected over Rs 80 crore within the first week. It is also distributing personal hygiene products such as hand wash and sanitizers to people who do not have the means to buy it. SM RVK

You Searched For "paytm coronavirus insurance features" and got 5 results

Google Pay wants to offer Indians their favourite investment option – gold

Sanchita Dash

Paytm General Insurance Ltd names Vineet Arora as MD, CEO

PTI

Paytm, Vijay Shekhar Sharma to acquire Raheja QBE General Insurance

PTI

Paytm could be spending big money for its insurance debut

Sanchita Dash

Paytm partners KVN Foundation to provide 75,000 meals to migrant workers per day

PTI

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