The online education market in India is worth 215 Billion USD, a market that global payments partner Paypal wants to capitalize on. After entering the Indian market in 2009, and starting their India operations in 2017, Paypal is now ready to diversify the industries that it is a part of. It only recently went live for domestic customers within the online retail space, and currently works with top brands like MakeMyTrip and Freshmenu. Paypal’s own research shows that over 2 million students in India actively study online, and this number is expected to hit 10 million by 2021.
According to Mr. Narsi Subramanayam, the Director, Growth, Paypal India, “We are just enabling payment. We partner with them for solving problems like multiple parties (like parents/students, tutors, schools, etc.) being involved in using their website/app for payments, invoicing their payment options, and making the commission process (from the online platform) easier,”
However, digital education is not the only space that PayPal is entering. They are trying to facilitate all payments within the educational ecosystem, include school fees payments and so on. So far, the brand has said that it plans to facilitate the following types of payments:
- Payments for primary and secondary schools
- Online platforms that assist with tests
- Casual learning (like dance, music, yoga)
- Reskilling (which already contributes to 40% of their transactions)
- Higher education
With more and more students looking to learn online, instead of visiting teachers and institutions, this can be a great opportunity for payment facilitators to cash in! India already has a wide range of online learning portals like UpGrad, Edureka, Unacademy, and Udacity, to name a few. BYJUs is another huge player in this field.