Digital payments firm Paytm expects to achieve gross merchandise value of US$ 2-3 billion from expansion of its educational services portfolio in next 18 months. Under the enhanced portfolio, the e-commerce 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 USD 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.
