Contactless Payment Solutions to Enable India Expanding Virtual Learning Ecosystem
Posted on: 25/Jun/2020 1:30:06 PM
- Cashfree plans to automate fee collection, staff payouts and payments to other vendors and service providers, and offer subscription-based courses to over 5000 EdTech, educational institutions, and ERPs by March 2021.
- Cashfree has recorded a 20% spike in education-related transactions on the platform during March, April and May.
Cashfree, India’s leading business payments platform, has launched a suite of payments products, for EdTechs, educational bodies like schools, colleges, universities and coaching institutes, and ERPs, which allows safe, easy and efficient contactless fee collection, staff payouts, and payments to other vendors and service providers. With the launch of this payments suite, Cashfree’s goal is to help the education industry offer a convenient and a safer way for students and their guardians to pay online while allowing faster and efficient payment collection and disbursal for the EdTechs, educational institutes, and ERPs.
Akash Sinha, CEO & Co-founder of Cashfree said, “The global education space is evolving rapidly as it witnesses a paradigm shift. Amid the rising need for paperless payments, we aim to offer simple and efficient solutions, designed keeping in mind the unique requirements of all types of educational setups and EdTech firms, to enable contactless and frictionless payment collection and disbursal.”
“With our education payments suite, we intend to provide superior digital payments experiences to over 5000+ schools, colleges, universities, coaching classes, EdTech, and ERPs by the end of 2021, while allowing students and guardians to transact digitally, using their smartphones instead of spending hours in long queues,” he added.
EdTech and educational institutes can integrate Cashfree’s education suite with their ERPs and bank accounts to initiate direct disbursals. Similarly, Cashfree’s Marketplace Settlement can be deployed to split the received funds with the service providers and vendors.
The Education Suite by Cashfree includes payment solutions such as:
Recently, Human Resource Development Minister Ramesh Nishank Pokhriyal, revealed in an interview that schools might reopen after August. India has around 33 crore students, and to avoid any more slack in the academic learning, schools, colleges, coaching centres, and other institutions are investing to revamp operational infrastructure, setup virtual learning platforms, and online payment options.
EdTech platforms are now recording an increased number of enrolments for courses, ranging from professional, academic to vocational courses.
Cashfree has also recently introduced industry-specific suites for insurers and lending businesses, as well as announced the launch of its Instatant Settlement feature, which helps enterprises access funds within 15 minutes of payment capture via its payment gateway as compared to the industry standard of 2 - 3 business days. The feature helps online businesses with increased working capital availability and has reportedly witnessed rapid adoption within the first few weeks of its launch.
