One of the world’s largest online payment corporations, PayPal, is currently integrating its services with Indian online education platforms. The US-based company has been active in India since 2008 within the cross-border payments business. In 2017, PayPal launched its domestic operations in India. In April last year, PayPal went live for customers for online retailers in India. These days PayPal works closely with corporations like MakeMyTrip, Freshmenu, etc. PayPal has specialised globally in education, with a market price $215 billion in India. According to PayPal’s statistics, for 218 million students India has only 2 million teachers; a quantitative relation of 140:1. Quite 2 million students are already paying online for education, and this is often expected to achieve ten million by 2021.
Currently, a large number of parents who lead busy lives, notice it tough to stack up in long ques for the simplest o tasks like paying school fees – simply because the choices to make these payments are few. Schools are currently receptive of bank transfers, but there is scope more change the experience of the parent. This is often wherever PayPal makes its entry.
Increasing reach of ed-tech platforms
Government initiatives like Digital India and SWAYAM are making an attempt to alter online education by giving courses free of cost for kids and furthermore as adults. There are multiplied awareness since several (private) players are entering the space following these different models. For instance, startups like UpGrad, Edureka, and Unacademy, concentrate on online test preparation. Simplilearn, Udacity, and great learning aim to upskill professionals. Startup unicorn BJYU’s, also as Vedantu and Toppr, target students from 5th-12th grades. Needless to mention, these platforms provide a huge business for PayPal, that is already present a number of them.
PayPal India, said that PayPal is generally agnostic to business models with simplifying the payment method. We partner with them for solving issues like multiple parties like parents, students, tutors, faculties etc.
Enabling multiple platforms
PayPal claims to require care of the end-to-end payment management. It’s currently focusing on the following:
1. Primary and secondary faculties, since CBSE is encouraging schools to travel cashless
2. Online platforms helping in preparation for tests like GME, GRE, CAT etc.
3. Reskilling courses for working professionals which contributes to forty% of overall volume on transactions enabled by PayPal.
4. Higher education on both online and offline platforms
5. Casual learning for music, dance, yoga etc.
PayPal has also enabled invoicing capabilities for small establishments also in order that they’ll send the relevant link to parents and minimise the process. He declared that this is often a good chance for tutors who are currently onboarding online platforms because the amount and quality of online players are increasing. Online tutorials will go global easily. Four out of 10 online mathematics tutors are from India. Since PayPal enjoys familiarity among its audience, because of the brand worth, the move into the education sector could be a win-win thing for both the parties.