Paytm Education saw transactions worth a billion dollars last year and now wants more
- In an interview with Business Insider,
Vineet Kaul, VP, Paytm Education, talks about all the segments in educationthat they are focusing on.
- The platform which started off enabling fee payments online saw a billion dollars worth of transactions last year.
- They have already cracked more than 10,000 partnerships.
They are now growing from being just a payment enabler platform to offer an umbrella of services. They already have more than 10,000 partnerships in their kitty and are building products across commerce, payments, financial services and marketplace.
“Deep dive is a very normal and natural process for us, the way we did with payments (even though it’s a stack), travel and more. Education is a massive opportunity for us,” Vineet Kaul, VP, Paytm Education told Business Insider on the sidelines of the India Education Entrepreneurship Day organised by TiE Delhi.
Kaul broke down the several sectors within education that Paytm is entering.
Fee transactions – already a billion dollar platform
The payments segment was the obvious first choice for Paytm Education by offering its fee payment business and also point-of-sale devices on campuses.
Online application – From nursery to government exams
Through commerce, Paytm Education is hoping to turn applications online. Kaul gives the example of forms for nursery education in India, for which parents have to stand in long queues.
“Now they can do everything online. We are contacting as many schools as possible, parents can also see schools nearby and apply for a number of schools through a single form,” said Kaul.
This is also applicable for engineering and government exams. “A lot of the applicants don’t have access to a computer. We are trying to ease out the processes and are also working with the government,” said Kaul.
Fee protection – a first in the country
Through financial services, Paytm Education is offering co-branded smart debit card for students which also gives them an early taste of financial literacy.
“We have also come up with insurance for students. Fee protection for students and that’s a first in the country. Due to unforeseen circumstances, if something happens to the source of income of the parent or guardian, education wouldn’t come to a grinding halt,” said Kaul.
In addition, Paytm also wants to enter the crowded coaching business. They are working on a marketplace model where they are democratising the process of choosing a coaching institute.
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