Bengaluru, NFAPost: India’s leading digital payment company Paytm on Tuesday announced to ramp up its education services offerings by expanding capacity building and reaching out to students, parents and government job aspirants.
As part of the initiative, the company is strategically joining hands with over thousands of government and private educational institutions for providing Paytm Education Services. Paytm will offer services across services like payments, financial, commerce and academic services.
Commenting on the business initiative, Paytm Senior Vice President Vineet Kaul said Paytm Education wants to help students and parent community at every step of their education journey.
“Right from providing details on 25,000 colleges, schools, courses and exams, we offer services like payments (in-app and in educational centres), commerce (coaching, scholarships, test preparation, admission forms etc.) and financial services (student insurance, educational loans (easy EMI) and banking),”said Vineet Kaul.
Vijay Shekahr Sharma owned Paytm offers fee fayment services at more than 10,000 educational institutions across the country. The company wants its education business in FY 20 to cross Rs 20,000 crores in Gross Monthly Value. Paytm wants to transform itself into a one-stop destination for all educational needs.
Paytm Education has charted out a plan to expand its presence in the entire education ecosystem in India, which is estimated to be worth more than Rs 100,000 crores.
The company is working with private and government educational institutions to offer admission forms, exam results, applications for Government jobs, coaching & test preparations, scholarships, study abroad, skill development & certification programs and convenience to buy uniforms, books and stationery on its platform. The company will also offer financial services like educational insurance, loans and co-branded smart cards to students.
Paytm has already entered into a partnership with prestigious institutions like Railway Recruitment Board, Maharashtra Public Service Commission, National Testing Agency, Indian Navy, Amity, VIT, Manipal, AKTU, Army Public Schools, Delhi Public Schools, Delhi University, IITs, IIMs and NITs.
The fin tech major is also tied up with Aligarh Muslim University, AIMA, ICAI, Narayana Group, Career Launcher, Made Easy, Career360 and several other educational institutions. The company is targeting to onboard 3.5 crore users across 20,000 private schools, 1000 higher educational institutes and 1000 coaching institutes while achieving higher GMV with its large bouquet of services.
According to analysts, Paytm’s decision to education services entry is really good for the company’s revenues growth. “Paytm always had the home company and early entry advantage that too on home turf. But the company is facing heightened competition from other competitions like GooglePay,PhonePay and BhimApp,” said the analyst.