“Digital India” will soon become a way of life. India’s youth will be at the forefront of adopting a digital economy. With a primary audience of 18-25-year-olds, they are four times more likely to carry a smartphone than cash. The educational institutions across the country are transforming themselves for this revolution by leveraging the numerous cashless modes of financial payments available today, like Mobile Wallets, Unified Payment Interface (UPI), Aadhaar Enabled Payment System (AEPS), and Banking Cards.
The digital and cashless educational institutions will be the breeding ground for promoting the culture of “Digital India” and creating a truly cashless society. Here’s a look at how it will positively impact an educational institution and its students –
Cash Management – Online payments provide a frictionless process for both parties. It will enable students to pay fees at the click of a button and the educational institution to collect their payments directly into their bank account through a digital interface. There is reduced administrative co-ordination required in managing payments, issuing receipts, and collecting funds, thus eliminating any potential human error. Seamless administration: “Digital campuses” will provide students with digital interfaces for payments throughout the campus. Touchpoints like the library, canteen, and gymnasium would be completely digital, allowing the institutions to focus only on academics, training, etc., further augmenting its brand equity.
Seamless communication – In a digitally transformed and connected college, the administration can seamlessly communicate with a batch of students or the entire college using a digital administration module. The students can receive important information through notifications on their mobile phone. Colleges can thus free themselves of the time, effort and manpower required to send notices to each class, upload information on bulletin boards or communicate with a specific student through letters or emails. Build a great brand: By creating a digital, cashless and connected ecosystem, institutions can provide a cutting-edge environment and a complete learning experience for its students. This leads to recognition, enhancement, and establishment of a college’s brand.
In creating as many digital and cashless colleges in India as possible, we would enable a financially prudent and vibrant young India.