Paytm aims $2-3 B GMV from educational services portfolio
Digital payments firm Paytm expects to achieve gross merchandise value of $2-3 billion from expansion of its educational services portfolio in next 18 months.
Under the enhanced portfolio, the firm will bring in products like insurance for tuition fee, loans, co-branded smart debit cards, test-taking platforms, among other services.
"The company eyes achieving gross merchandise value (GMV) of around $2-3 billion in the next one and a half years," Paytm said in a statement.
The firm has more than 10,000 colleges, universities and other educational institutions on its platform.
"In a year from now, we would have finished a broad set of products that we want to build, making sure students, parents and government job applicants see Paytm Education as a one stop destination for all their needs," Vineet Kaul, Senior Vice President at Paytm Education, said.
Paytm is planning to introduce financial products like insurance for tuition fee called 'Fee Protect'. Under this service, Paytm will provide tuition fee insurance with an annual premium of roughly Rs 250 per lakh.
"The company is also coming up with a first-of-its-kind Student Smart Card that will be co-branded with educational institutes, and can also be used for financial transactions, as student ID, attendance and library card, among other services," the statement said.
Last month, Paytm announced its plans to introduce a number of educational services like coaching marketplace, government exams forms, forms for nursery admission and private college admissions etc.
Earlier, Paytm also said that through its expansion in the Education category, it is targeting to on-board 3.5 crore users across 20,000 private schools, 1,000 higher educational institutes and 1,000 coaching institutes while achieving higher GMV with its large bouquet of services.
For its education category, the payments behemoth has already entered into a partnership with prestigious institutions like 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.