TenPay has signed a strategic agreement to provide Taikang Life Insurance Co. Ltd. online payment and settlement services, the China-based third-party payments provider announced this week.
Under the agreement, TenPay will provide payment and settlement services for the insurer’s direct-sales platform starting in mid-June. The deal should add convenience to the insurer’s policyholders, who may want an alternative to using cash, checks and bankcards when paying premium payments, a spokesperson for the insurer tells PaymentsSource.
The e-commercialization of China’s insurance market has been moving forward slowly and steadily, Weidong Wang, an analyst from Beijing-based iResearch Consulting Group, tells PaymentsSource.
TenPay has a large user base, and those customers may want to take an insurance policy with Taikang because of this newly launched service, says Wang.
TenPay, a unit of Tencent Holdings Ltd., controls a 21.2% share of China’s third-party online payments market, second only to Alipay, which commands 45.5% of the market, according to data from Beijing-based research firm Analysys International.
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