Chennai: Digital finance platform for paying school fees upfront
On the other hand, it helps education institutes get paid as per schedule, freeing them to focus more on academics, without any cost or risk.
Chennai: Nujam Technologies Private Limited, announced the launch of Payed (www.payed.co.in), the first of its kind digital financial platform that empowers parents to pay school and college education fees monthly in a simple and seamless manner.
Payed works in partnerships with banks and financial institutions to facilitate payment of prepaid and steep fees on behalf of parents to education institutes like pre-schools, schools, colleges and coachingcentres, on time as per their fee schedule.
Parents get the facility of paying their child’s education fees to Payed in economic monthly installments, in return for a nominal monthly subscription cost.
Payed is a viable solution for both parents and educational institutes.
It frees the parents from the hassle of paying fees quarterly, semester wise or annually or availing interest ridden loans from the market.
On the other hand, it helps education institutes get paid as per schedule, freeing them to focus more on academics, without any cost or risk.
As RBL Bank’s co-brand credit card partner, Payed works on Mastercard network.
Unlike any other offering in the market, Payed is a subscription styled solution that can be applied online, free of cost.
The application process is digital, and does not involve any visit to a bank, submission of any collaterals and cash deposits.
Commenting on the launch, NV Subramanian, Founder and CEO,Payed said, “Payed wants to make education fee payable monthly.
Why should Education payments be paid upfront every time - be it quarterly, half yearly or annually?”