Mobile payment segment in India has been on the rise since 2010. The growth in this segment is attributed to certain factors such as increasing number of smartphone and tablet users, lower mobile tariffs, inexpensive handsets and higher internet penetration rate. Venturing into different segments as an alternative payment mode is one of the key strategies adopted by mobile wallet companies. Paytm is working effectively towards this initiative by venturing into education segment where it has already been received with interest by customers.
In order to promote cashless transactions, educational institutes in new formed state of Telengana have tied up with Indian digital payment and commerce service provider Paytm to accept fees through alternative payment medium. Until now, over 1,100 institutes have taken up this initiative to facilitate payments through app based wallets. Jawaharlal Nehru Technological University in Hyderabad, Aakash Institute and Next Education are to name a few in the list. This initiative has been taken up after significant impact of demonetization across India.
According to PayNXT360, the Indian mobile payment market is expected to record a CAGR of 108.4% from 2017-2021 to reach US$ 10,09,737 million in transaction value terms by 2021, increasing from US$ 53,521 million in 2017.
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