Noida-based Paytm recently partnered 1,000 educational institutions over admission fee payment through the app to introduce cashless payments. Users will now be able to pay school fees and dues, cafeteria bills as well as buy uniforms, books and merchandise through the Paytm Wallet.
Paytm has tied up with institutions like IIT-Mandi, Universal Education Trust, KN Modi University, Vidyamandir Classes, Made Easy, Career Launcher, Delhi Public School and more.
According to Vijay Shekhar Sharma, founder and chief executive, Paytm., school fees and educational expenses form a significant part of an Indian consumer’s regular spend. Moreover, the idea to introduce cashless payment is to prevent theft or misplacement of cash.
“We have no margin here, but it is a solution for parents who don’t want to stand in queues. Most educational institutions don’t have a payment gateway. So we will give them space on our app,” said Vijay Shekhar Sharma.
Also, as a part of the association customers will be able to pay at Pizza Hut, Costa Coffee and Vaango through the wallet.
On reports that Uber might launch its own payment platform, Sharma said, “Paytm is staying with Uber, even if the taxi-aggregator gets its own wallet.” On Monday, Uber announced its riders would be able to pay using Airtel Money as well. It has also launched cash payment for Uber rides. Almost 85 per cent of all Uber’s transactions are currently done via Paytm.