Max New York Life Insurance has launched its new and secure payment solution for its policyholders to make policy payments using their mobile phones. Citibank India and mCheck will power the new solution.
According to the company, all transactions are secured by an mChek PIN, and encrypted with 3DES encryption, ensuring banking-grade security from the convenience of the mobile phone. Settlements are powered by Citi’s cash management services.
Sunil Sharma, executive director and COO of Max New York Life Insurance, said: This new service is an attempt at streamlining timely payments by policyholders to ensure that they remain financially protected throughout the term of the policy.
Sanjay Swamy, CEO of mChek, added: In banking and payment transactions, secure remote authorizations are crucial – and we are delighted to work closely with Citi and Max New York Life to pioneer the use of the mobile phone for such transactions.