India’s largest mobile payment and commerce platform, Paytm, has taken its cashless solution to academic campuses with a strategic partnership with Lovely Professional University, Jalandhar.
Known as one of the largest single campus university in India, with more than 25000 students, 3500 faculty and staff, the university will now offer an easy access to the cash alternative with Paytm.
As per the statistics, over 60 percent of the students in the campus are already active users of the Paytm app. The users can now pay university fees and dues, hostel fees, cafeteria bills as well as buy books and merchandise through the Paytm Wallet. By minimizing cash, the initiative shall be highly beneficial for the students, teachers, the institution and parents alike.
With making Lovely Professional University cashless, Paytm aims to create a digital ecosystem, leading to easy transactions within the campuses. A cashless system of payments makes transactions convenient for students and the shopkeepers too get their dues on time. The initiative has been appreciated by the management as a win-win situation for both, their students and vendors.
“In line with our vision for a cashless economy, we are committed to bring more and more use cases of wallet payments across categories. We have enabled wallets for admission and fee collections in some of the most prominent educational institutions and now students can also pay at canteens, cafeterias, tuck shops and other vendors on campus with their wallets. With this, students can now experience a complete cash free environment at these campuses,” said Senior Vice President Paytm, Kiran Vasi Reddy.
Chancellor Lovely Professional University Ashok Mittal mentioned that LPU is a state of the art university and we wanted to make the cash transaction in the campus to minimal.
“After talking to Paytm and implementing their system all our fees are coming online and even all vendors like hostel canteen etc are also accepting money through Paytm solution. This has really helped parents and students to understand their spending pattern,” added Mittal.
Upbeat about the cashless campuses concept, the institutes are implementing wallet-based payments in different styles bringing out various offers for the users. These are cashbacks, contests and discounts in association with various brands in the campus.