In order to accomplish its revenue slab of $2 billion by the end of 2016-17 fiscal, online payment turned e-commerce portal Paytm is now looking to take on the $100 billion education sector of the country. The company is planning to provide a cashless solution to payments of all kinds across schools, colleges, universities as well as premier institutions such as Indian Institutes of Technology and Indian Institutes of Management.
By the end of 2016, around 25,000 educational institutions including both government and private, would have cashless campuses and all payments such as fees, dues, canteen facilities, tuck shop products will be made through Paytm, claims the company. Students could easily order books, stationary, uniform etc. using the mobile wallet.
The Noida-based firm is also planning to tie-up with coaching centres for MBA aspirants. Adoption of digital wallet by students will help Paytm create prospective clients for its digital system.
40 per cent of India's internet users are between 15 and 24 years, with about 1.1 million graduating from colleges each year. All these are prospective customers for our payments bank in future, as well as the digital ecosystem around our wallet, said Kiran Vasireddy, Senior VP, Paytm.
The company has already made IIT-Mandi a cashless campus and is in talks with IITs and IIMs.
Vasireddy said by the end of the next financial year, Paytm would be earning around $2 billion (about Rs 13,400 crore) in revenue from the education vertical alone.