Payments company Paytm said that it is planning to have more than Rs 20,000 crore in Gross Merchandise Value (GMV) from its education business in the current financial year as it looks to expand its current offerings in the segment that includes fee payment, coaching and test series packages, and helping students choose the right college.
The company said that it is partnering with ‘thousands’ of private and government institutions to offer “full bouquet of services” across payments, commerce, financial and academic services, as per a statement issued. The company claimed of allowing users to pay fees at over 10,000 institutions in India.
Paytm’s services will include details on 25,000 colleges, schools, courses and exams along with offering payments, coaching, scholarships, test preparation, admission forms, student insurance, educational loans and banking services, according to Vineet Kaul, senior VP, Paytm.
However, it wasn’t clear whether Paytm already has these 25,000 institutes on its platform or targetted for current FY end.
The company is looking to acquire 3.5 crore users across 20,000 private schools, 1,000 higher educational institutes and 1,000 coaching institutes. Some of the institutes that Paytm has already partnered with include IITs, IIMs, NITs, Aligarh Muslim University, Indian Navy, Manipal, Delhi Public Schools, Delhi University etc.
Paytm last month had claimed of logging 5.5 billion transactions with a gross transaction value of over $50 billion in FY19 due rising online and offline adoption of its services across “retail payments, fees, utility payments, travel booking, entertainment, games etc,” the company had said.
Paytm competes with Walmart’s PhonePe, Google Pay, MobiKwik etc., in India’s digital payments market that is worth $64 billion currently in transaction value, as per statistics portal Statista. The company also claimed of having more than 50 per cent market share in the payment gateway market. However, the figures weren’t disclosed for the same even as it claimed of processing over 400 million transactions per month.
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Source: Financial Express