To determine the future of EdTech which payment method will you choose? Crypto payment or digital cash payment?
A global pandemic has given a boost to the EdTech sector where everyone in the world started using EdTech platforms for examinations, learning new skills and so much more. You are well aware of the fact that education technology provides students with easy-to-access information, accelerated learning, and fun opportunities to practice what they learn. It enables students to explore new subjects and deepen their understanding of difficult concepts, particularly in STEM. But does this have to end here or is it just the beginning of something big? The EdTech is now gradually shifting from digital cash payment to crypto payment in 2022 and beyond.
This article focuses on one of the most crucial aspects that will decide the future of EdTech: Payment method
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Digital payment solutions can provide greater value for money than a traditional payment. Some EdTech platforms offer cash-back and discounts when parents pay the tuition fees digitally. Some also provide attractive discounts in the case of advance or on-time payment of fees. Also, the digital payment system encourages parents and students to develop healthy fiscal habits.
Saves Time and Energy
Avoidance of cash and replacing it with e-payment in EdTech have accelerated the process of EdTech’s payment method. Faster transaction leads to greater satisfaction as there is no room for confusion with respect to struggling to find change and currencies for marginal costs. Typing the number and clicking on the preferred option is all that it takes to extend EdTech expenses.
By reducing the pressure on the employees to manage crowded queues, who are getting impatient to pay their share when their turn comes, the workforce is more concentrated in specific customer-centric jobs. Alongside, money management is easily implemented over the online mode without stressing the gathering of people.
Well there are endless benefits of digital cash payment but let’s explore what cryptocurrencies have to offer:
EdTech and blockchain – a new era in education
Various organizations are ushering in a new age of democratized education. By combining the growing EdTech movement with blockchain technology similar to Bitcoin and Ethereum these organizations are giving birth to a revolutionary new concept.
EdTech cryptocurrency tokens are a safe and strong investment
Cryptocurrencies such as Bitcoin and Ethereum have been hitting the headlines with their astronomic rise in value. Cryptocurrency is no longer seen as a weird little tech fad that will fade out when people realize it’s a house built on sand.
The rise of Bitcoin shows no sign of stopping. It looks like it’s here to stay and as people begin to trust cryptocurrency, its applications will grow.
All of this means it’s a great time to invest in blockchain technology if you can. EdTech presents one of the biggest growth investment opportunities at present. Even big-name universities such as MIT have started using blockchain technology in their courses.
All education providers need resources, video, audio, eBooks, worksheets, etc. As EdTech grows, there will be a need for more and more content and material. The companies that cater to this demand will become token holders, adding to the strength of the blockchain.
Indian EdTech and Cryptocurrencies
Goa-based EdTech soonicorn BrightChamps becomes the first Indian EdTech startup to accept cryptocurrencies as a mode of payment. The startup which offers essential skill learning courses will accept Bitcoin, Tether, and Ethereum as modes of payments from countries including the US, Canada, Nigeria, and Malaysia, among others.
The startup has tied up with Singapore-based crypto payment gateway TripleA to enable crypto transactions for its existing and new customers. The TripleA is compliant with Singapore’s central bank – Monetary Authority of Singapore (MAS) and is also a member of the Singapore Fintech Association.