Paytm, which is a digital payment platform, will now be going to introduce new services like the insurance for the tuition fees and debit card for the students.
the payment unicorn is also aiming to achieve a gross merchandise value of around $2-$3 billion in the coming next one year, said the announcement.
Paytm is also developing a student smart card which can be used for carrying out the financial transactions. The card could also be used as student identification, library, and attendance and will be co-branded with educational institutes, said the announcement.
Paytm will insure the tuition fees by charging the annual premium of INR 250 lakh. Users who will avail of the facility will be eligible for the insurance payout in case they even drop out of the course.
“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,” said Vineet Kaul, senior vice president, Paytm Education.
Paytm education was recently added as a vertical by the payment platform and provides with a wide range of services such as in-app educational centers, scholarships, coaching, admission forms, test preparation, educational loans, student insurance, and some other allied academic services.