Paytm introduces cashless payments in top educational institutions

Allows payments for school fees, dues, cafeteria and much more with its Paytm Wallet

In its effory to create a cashless economy the country, Paytm, a mobile commerce platform has now introduced cashless payments in educational institutions. Users can now pay school fees &dues, cafeteria bills as well as buy uniforms, books and merchandise through the Paytm Wallet.

Paytm has tied up with several premium educational institutions in the country from pre-schools to colleges, including prestigious names such as IIT Mandi, Universal Education Trust, KN Modi University, Vidyamandir Classes, Made Easy, Career Launcher, Jamboree, Primus Public School, Bangalore, Swaminarayan Gurukul Vidyalaya and a few DPS to name some.

Paytm is in advanced stage discussions with all leading IIT’s, IIM’s, central and state universities and will be completing the formal tie-ups soon. Institutes from metros as well as smaller towns are welcoming the idea. Speaking on this initiative, Vijay Shekhar Sharma, Founder & CEO, Paytm said, “We are committed to bringing allservices that require regular payment on to the Paytm platform.

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. In line with our vision of a cashless economy & to serve the users well, we have enabled cashless payments in some of the most prominent educational institutions.

Our aim is to grow this platform multifold in the next 6months. Going forward, we will also aggregate and offer various online courses on Paytm.” There is immense potential in the Indian education space. 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.

With over 1.5 million schools and more than 35,000 higher education institutes in India, the market in the country is set to grow at a compound annual growth rate (CAGR) of around 34% during 2013-14 to 2017-18. Paytm aims to tap into this bourgeoning opportunity and make regular purchases simpler and cash-free for students and parents.

Stay updated on the go with The Hans India News App. Click the icons to download it for your device.