Paysack is an API infrastructure layer between all the stakeholders in the student ecosystem: student, parent, merchants, educational institute, fintechs, and financial institutions like NBFCs, banks, stock brokers, insurers.
One of the segments that gained popularity with neobanks is the teens segment: 13-17 year olds could now get a prepaid card on their parent’s KYC.
The card comes with all the key card features like – set PIN, freeze/unfreeze card, block card, view transactions, etc. With all the parental controls in place
While spends are a way to get started engaging students, one needs to look at a broader other areas like a line-of-credit/loans, options for saving and investing.
India has the world’s largest population of about 500 million in the age bracket of 5-23 years
There are over 140 million Indians who are between the age bracket of 18-23 years, primarily students. Like in most parts of the world these 18-23 year olds depend on their parents or on credit for taking care of their financial needs.
This segment needs to be provided a slightly different set of offerings as compared to the teen segment.
One could target this segment via banks, via ERP providers, via educational institutions, via parents, or directly reaching out to them.
A digital campus solution can enable seamless payments on-campus. With all stakeholders having access to the right kind of tools and infrastructure. No more manual reconciliation.
The student wallet could be linked to one or more payment modes.
This is the segmentation of students in India across various classes:
Some problem statements to work on:
- Fee collection and auto-reconciliation
- NFC student id cards for closed-loop payments on campus
- student’s first bank app
- student’s first investment app
- student’s first spends card
- student’s first line of credit
- student banking for bharat
- absolutely anything you could imagine
Are you a fintech wanting to embed cards via simple, easy to use APIs into your program / product?
Read more about the Paysack Card Platform here
Do you want to provide a demat + trading account to students?
Read more about the Paysack Investment Platform here
Providing student loans or a line-of-credit to use for students? want to enhance the experience or service them better?
You have a fintech / wealthtech offering for the student segment? Not sure where and how to start? Let us help you quickly get from 0 to 1.
Write to care@paysack.com