Payed works in partnership with banks and financial institutions to facilitate the payment of lumpy, pre-paid, and steep fees on behalf of parents to education institutes
Nujam Technologies Pvt Ltd, a technology start-up, has launched Payed, a first-of-its-kind digital financial platform, to empower parents to pay school and college education fees monthly in a simple and seamless manner.
Payed works in partnership with banks and financial institutions to facilitate the payment of lumpy, pre-paid, and steep fees on behalf of parents to education institutes such as pre-schools, schools, colleges and coaching centres as per their fee schedule. Parents get the facility of paying their child’s education fees to Payed in monthly instalments, in return for a nominal monthly subscription cost, according to a statement.
“Payed wants to make education fee payable monthly. Why should education payments be paid upfront every time – be it quarterly, half yearly or annually? Our aim is to help parents release their cash flow for other important financial needs,” said NV Subramanian, Founder and CEO, Payed.
Most private schools and colleges in India charge fees between ₹50,000 to ₹5 lakh a year. Unfortunately, education fee payments have to be made in advance. Parents are left with little choice: they either pay education fees from their savings or opt for loans at high rates of interest. Payed seeks to offer an affordable, subscription-based solution that requires no collaterals, deposits, payment gateway charges, processing or application fees, he added.
Payed has secured angel funding from reputed investors and leaders from education and financial services industry, and a line of credit of up to ₹100 crore from RBL Bank.