12 August 2019, Kathmandu
Reliance Life Insurance has signed an agreement with Khalti to provide digital payment system for its customers through Khalti’s app.
With this partnership, Reliance Life Insurance customers across Nepal can now make their payment through Khalti quickly and conveniently. Clients can pay their premium using the fund in their Khalti digital wallet or directly through e-banking and mobile banking options available in Khalti’s platform.
Speaking about the partnership, Pravin Raman Parajuli, CEO of Reliance Life Insurance Ltd. shared,
“At Reliance Life Insurance limited, we are working to redefine insurance company in Kathmandu Nepal. In addition to benefiting the customers, going electronic will benefit the insurance industry as well since it will help in keeping track of premium payers and make it easier to track irregularities.”
Similarly, speaking about expanding its digital payment system to life insurance payments, Khalti’s MD Manish Modi shared,
“We are glad to collaborate with Reliance Life Insurance Limited. Now, Insurance customers need not visit the in banks to pay their insurance premium. They should pay the premium directly from their smartphone using Khalti wallet. This is the best way to pay insurance premiums conveniently without any hassle. Now, we feel we have headed the next step closer to making transactions digital in Nepal.”
Digital payment is seeing an upwardly trend in Nepal in recent times. As per the latest statistics from Nepal Rastra Bank, more than 70 lakh people use mobile banking in Nepal, and almost 9 lakh people use internet banking. Similarly, as per the latest MIS report from Nepal Telecommunication Authority, 64% of Nepal’s population has access to fast speed broadband internet. In this scenario, introducing digital payment for life insurance holds a lot of significance.