Paytm education will help students and government job aspirants with education loans and coaching
Paytmaims to garner a GMV of ₹20,000 crore in FY 2020 from its educationvertical.
- It will offer services across payments, commerce, financial and academia to students, parents and government job aspirants.
- It has already partnered with the Railway Recruitment Board, Indian Navy, IITs, IIMs, NITs and more.
Paytm wants a piece of the ₹100,000 crore education sector pie. And believes that it can gain Gross Merchandise Volume of ₹20,000 crore in 2019-20, from education alone.
The digital payments company is not just offering services for payments but many more to help students.
“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),” said Vineet Kaul, Senior Vice President - Paytm.
To enable this, the company has partnered with 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.
Paytm already offers options to schools and colleges to accept fees via Paytm app. It is now hoping to bring onboard 350 million more users from 20,000 private schools, 1,000 higher educational institutes and 1,000 coaching institutes.
The Indian education sector is expected to reach a size of $5.7 billion by 2020. The sector is also brimming with startups like the unicorn Byju’s, Unacademy and more. They have been raking in users, business in addition to attracting investors.