According to an official release on June 22, TechProcess Payments, India’s leading electronic payments company, has achieved a significant penetration in the education sector. It has processed approximately Rs. 140 crore in Gross Transaction Value and increased the number of education institutes in its portfolio phenomenally in FY16. This significant achievement is a result of its pioneering next-generation state-of-the-art payment processing platform – ‘Feesjunction’ that enables schools and universities which have archaic, spreadsheet or even paper based systems to manage their fee collection online.
Currently, the education sector is pegged at US$ 100 billion (INR 6.7 lakh crore). It is poised to witness major growth in the years to come as India will have the world’s largest tertiary-age population and second largest graduate talent pipeline globally by the end of 2020.
Increased impetus of the government on the education sector and its initiatives such as ‘Digital India’ will drive the focus of educational institutes to develop digital infrastructure. In such a scenario, schools and universities are likely to invest in digital payment platforms to manage high enrolments and expansion plans.
Kumar Karpe, CEO, TechProcess said, “With a strong focus to resolve payment issues in the education sector, we are happy to play a catalytic role in building a digital ecosystem for the industry by moving its payments from largely cash to digital. FeesJunction, has been launched with an aim to provide a secure and robust payment interface that facilitates education institutes with quick realisation of fee collection and efficient payment modes. With our legacy and reputation for seamless transaction processing, we are expecting acquisition of around 2000 educational institutes with a gross transaction value of INR 500 crore and a growth of more than 200 percent in FY17.”
TechProcess created Feesjunction to enable educational institutions to offer parents and students more than 185 payment modes of paying fees and other school or university charges anytime, anywhere. It empowers education institutes with quick realisation and efficient payment modes with the help of customised online form for parents/students to enter details and make payments directly.
Some of the leading and renowned educational institutes and organisations that rely on the payment solutions offered by TechProcess’ include: Birla Institute of Technology and Science (Bits Pilani), Amity University & Schools, Lovely Professional University, IIT in North, SRM University, VIT University, Banasthali University, Welingkar Institute, DY Patil University and SP Jain Institute of Management and Research, among others.
TechProcess Payment Services Ltd. has been pioneering electronic payments in India since 2000 by setting up BillJunction.com – India’s first electronic bill presentment and payment service. For more information, please visit www.techprocess.co.in.