Buoyed by the immense opportunity existing in the Indian education sector currently marked at about $ 100 billion, Paytm, the largest mobile payment and commerce platform is committed to provide cashless transaction solutions across schools, colleges, universities and other premium academic institutions.
To date, Paytm has taken its cashless solutions to campuses through tie-ups with over 150 institutions such as Delhi Public School, India Institute of Technology, Lovely Professional University, Sharda University, Garden City College, Bangalore, Jaipuria Institute, Universal Education and many others. The response has been phenomenal and several institutions have welcomed Paytm’s move and are fast moving away from cash, thereby adopting Paytm as the only payment tool.”
Talking about the early adoption of digital wallet by students, Kiran Vasireddy, Senior Vice-President, Paytm said, “37 % of Indian Internet users are in the age group of 15 to 24 years with about 11 lakh students graduating from college each year. This is a substantial demographic populace for which leading a digital lifestyle is a not just a habit but a way of life. The current trends reflect the younger generation’s preference of transacting through digital wallets over plastic money (credit and debit cards). Academic Institutions too find it a win-win situation with digital payments as it reduces their workload while increasing overall efficiency.”