June 15, 2024

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Digital payments are also a great tool for the education sector


Technology is already a well-known friend in our daily lives and the education sector is one of those that best reflects the digital transformation that we have experienced as a result of the pandemic. In the last year, 65% of the people who studied under the face-to-face or mixed modality, continued to do so by video call and the rest through an online platform .

The process of digitizing education has not been limited to the learning model, but has reached all aspects of the sector, including the way in which we pay for these services.

Therefore, to enhance their business strategy and adapt to the digital age, educational institutions or entrepreneurs of education must diversify their offer of payment methods. Only in the last year in Mexico, online payments for tuition have registered a growth of 107 percent. 53% of these payments are made by credit card, followed by cash payments with 40% and 7% with bank transfers by SPEI.

Now that the school year is renewed and that both tutors and students are looking for new distance training options, I share three payment strategies that can boost you in the digital education sector:

  • Offer cash payments : After credit cards, cash is the preferred option. This option allows you to process an online payment by obtaining a unique or recurring reference key so that you can later make deposits at the more than 19,500 OXXO points of sale throughout the Mexican Republic. This makes payment easier and more democratic for everyone.
  • Offers payments through bank transfers: This option allows tuition or educational services to be paid from electronic banking or a mobile application. Smartphones have become a mobile wallet and 98% of Mexicans use them to shop online.
  • Use a payment link : This solution allows you to send a link by text message, WhatsApp or a DM on social networks – by clicking the user can choose three payment options (cash, card or bank transfer). This tool also allows users to pay contactless and facilitates electronic payments for those without a website.

Adapting payment solutions to the needs of new generations of students facilitates the incorporation of more people into a new digital or hybrid education system and allows educational institutions and entrepreneurs in this sector to continue growing in a new market.

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