Amrish Rau, CEO of PayU India, earlier this month tweeted that his firm had witnessed a far above the ground transactions of $1 Billion. This comes at that month where such transactions usually see a drop as it is off-season for the bookings and travel industry.
Even though travel is tedious at the time of monsoon, the drop was rewarded by the rising utilization of digital transactions mostly in the utility and government sectors as well as education sector, Rau clarified. For payment gateways such as Razorpay ad PayU, the education sector is up-and-coming with an important vertical boosting up value and volumes of payments, particularly with a force from the HRD ministry. The HRD ministry lately subjected a directive to all universities and colleges to use digital transactions to accept fees from the future academic conference.
Last couple of months have assisted these transaction gateways witness huge contributions from this segment given the fee-giving cycle.
“While we were already handing out transactions to the tune of $850 Million to $900 Million on a periodical basis, we got a good thrust last month from most of the verticals such as government utility and education, positioning us at the mark of $1 Billion,” Rau said to the media in an interview.
The education segment presently makes about 15% of overall portfolio of Pay U as compared to only 5.1% last month, and 8% at the time of the non-fee giving season. The company was handing out almost 1.5 Million payments valued up to $150 Million from more than 1,000 educational organizations last month. “We anticipate to witness almost 10% development in this segment in the coming couple of months,” Rau further added while talking to the media.
“For Razorpay, the education segment, which presently contributes 5% of volumes, is anticipated to develop to 20% by the end of this quarter,” CEO Harshil Mathur said to the media in an interview.