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Paytm has introduced cashless payments in educational institutions, which will enable users to pay school fees and dues, cafeteria bill, buy uniforms, books and merchandise.
“School fees and educational expenses form a significant part of an Indian consumer’s regular spends. Since this segment involves children, the advent of cashless purchases and payments obviates chances of theft and misplacement that often come with carrying cash,” said Vijay Shekhar Sharma, Founder and CEO at Paytm.
“Our aim is to grow this platform multifold in the next 6 months. Going forward, we will also aggregate and offer various online courses on Paytm,” he added.
Paytm, the country’s India’s largest mobile commerce platform, has tied up with several premium educational institutions from pre-schools to colleges such as IIT Mandi, Universal Education Trust, KN Modi University, Vidyamandir Classes, Made Easy, Career Launcher, Jamboree, Primus Public School, Bengaluru and Swaminarayan Gurukul Vidyalaya, among others.
Paytm is in advanced stage discussions with all leading IITs, IIMs, central and state universities.
As per a Fitch report, the Indian education sector’s market size is estimated at $109.84 billion in FY15, which makes India the world’s third largest market for education by size.
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