NewZNew (Chandigarh) : PayUMoney, an online payment solution by PayU India has tied up with leading educational institutes as their preferred payment gatewaypartner in Punjab, infusing the cult of a cashless economy deep into the state.
These top Institutes include Punjab Technical University, Punjabi University, Thapar University, Chitkara University, Lovely Professional University, NIPER (National Institute of Pharmaceutical Education and Research) and many more. With this association, all these educational institutes have reached International standards in terms of fee collection.They now prefer to collect fees online whether its admission fees, hostel fees, bus fees, examination fees etc.
These educational institutes have been struggling for the past couple of years when it comes to collecting payments online due to tedious technical integration and heavy documentation. With the integration of PayUMoney into their systems, all these issues have been obliterated. The institutes are now unanimous in their opinion that PayUMoney provided them with the mechanism for online fee collections which was simple and effective.
Vikrant Khorana, VP & Business Head, PayU India, commented, “Today, we provide our Payment services to more than 6000 institutes across the country. We have seen 150% growth in the Financial Year 2014-15 in online fee collection from Education institutions in Punjab. The major problems that institutions had were technical capabilities, lengthy documentation process and online security issues. We solved all the three by making the technical integration process extremely simple and the documentation process really easy. For online security issues,PayUMoney today offers 100% Buyer Protection to their respective users. We anticipate the growth to be multifold in the state of Punjab as there is wide acceptance by both parents & Education Institutions towards online fee payment.”
Parents and students who were hassled with the wearisome procedures of fee payment are equally impressed with the online payment facility.One of the parents commented, “Giving cash, cheque or a DD were the only options earlier. The thought of losing the cash, cheque or DD used to worry me incessantly, till my son actually deposited the fees. With the incorporation of a payment gateway into his institute’s administrative system, the process has becomeuser-friendly. I now receive the fee receipt instantly as well as timely reminders for payments from the institution.”
By reaching out to various institutes in Punjab, PayUMoney is most likely to transform the state’s current fintech status to make it a perfect example of a modern day economy of India.