Digital payments company Paytm today announced plans to expand its education services by "building and facilitating everything that is needed by students, parents and government job aspirants". According to a press statement, Paytm is doing so by "partnering with private and government institutions to offer a full bouquet of services across payments, commerce, financial and academic services".
“We want to enable the student and parent community at every step. Right from providing details on 25,000 colleges, schools, courses and exams, our bouquet of services will include – 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)," Vineet Kaul, Senior Vice President - Paytm said.
Paytm already offers fee payment services for more than 10,000 educational institutions across India. In FY ’20, it plans to cross ₹20,000 crores GMV (gross merchandise value) in the education business. The company pegs the entire education ecosystem in India to be worth more than ₹100,000 crore.
It is working with private and government educational institutions to offer admission forms, exam results, applications for government jobs, coaching and test preparations, scholarships, study abroad, skill development and 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 is targeting to onboard 3.5 crore users across 20,000 private schools, 1,000 higher educational institutes and 1,000 coaching institutes. It 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, NITs, Aligarh Muslim University, AIMA, ICAI, Narayana Group, Career Launcher, Made Easy, Career360 and several others.