New Delhi: Digital payments firm Paytm plans to scale up its educational services portfolio to include payment for insurance for tuition fee loans, co-branded debit cards, test-taking platforms, among others in the next one to one-and-a-half years to clock a gross merchandise value (GMV) of around $2-3 billion, senior vice-president Vineet Kaul said in an interview on Friday.
“In a year from now, we would have finished at least a broad set of products that we want to build, making sure broadly that all coaching players worth their salt are listed on the Paytm platform and users are actually able to buy products from them, and then have our test-taking platform ready,” Kaul said.
Paytm, with a valuation of about $15 billion, had a GMV of a little less than $1 billion last year from the education space, Kaul said. The company now plans to expand from operations that just include payment of fees and certain other services to also provide an insurance product for tuition fees, called “Fee Protect”, he added.
Under ‘Fee Protect’, Kaul said the company will provide insurance for tuition fees with an annual premium of roughly Rs250 per lakh. Paytm is also building a debit card that will be co-branded with educational institutes, and would double up as library card, among others.
Last month, Paytm had said it was expanding its educational services from fee payments, application forms and career counselling, to education insurance, loans and job applications.
Paytm currently lists around 20,000 colleges, universities and other educational institutes on its platform. The digital payments and e-commerce company, which records around 800-900 million transactions a month, also plans to enter the healthcare payments space to widen its customer base.