Indian mobile commerce firm Paytm annnounced Tuesday that it has introduced cashless payments in over ten educational institutes, making fee payments and regular purchases cash-free for students and parents.
Students can pay their school fees, cafeteria bills, uniforms, books, and merchandise through the Paytm Wallet following the tie-up.
In an emailed statement, Vijay Shekhar Sharma, Founder and CEO, Paytm, said that the firm will aggregate and offer various online courses on Paytm in the future. "Since this segment involves children, the advent of cashless purchases and payments obviates chances of theft and misplacement that often come with carrying cash."
Paytm said that it has tied up with IIT Mandi, Universal Education Trust, KN Modi University, Vidyamandir Classes, Made Easy, Career Launcher, Jamboree, Primus Public School in Bengaluru, Swaminarayan Gurukul Vidyalaya and Delhi Public School. Paytm is in discussions to tie up with IITs, IIMs, central and state universities soon, the company said.
Paytm believes there's immense potential in the Indian education space, quoting a Fitch report that estimates the the Indian education sector's market size at $109.84 billion (roughly Rs. 7,29,672 crores) in 2015.
Disclosure: Vijay Shekhar Sharma's One97 is an investor in NDTV's Gadgets 360.