Digital payments firm Paytm is banking on educational services to expand its revenue and is eyeing to achieve gross merchandise value of $2-3 billion from the educational portfolio in next 18 months.
“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.
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. The firm has more than 10,000 colleges, universities and other educational institutions on its platform.
The company said that under the enhanced portfolio, the e-commerce firm will bring in products like an insurance for tuition fee, loans, co-branded smart debit cards, test-taking platforms, among other services.
“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 an insurance for tuition fee called ‘Fee Protect’. Under this service, it will provide tuition fee insurance with an annual premium of Rs 250 per lakh. “We are 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.