Payit is a fintech platform digitizing bill payments for educational institutions in Pakistan. It provides a payment gateway and mobile wallet for students to pay tuition and other fees, reducing manual workload for institutions. The platform also offers trade finance, salary disbursements, and salary advances to educational institutions.
Funding
Funding not disclosed
Founders
Product
Problem
Educational institutions in Pakistan face challenges in managing fee collection, often relying on manual processes that are time-consuming and prone to errors. Students and parents also experience inconvenience due to the need to physically visit banks or campuses to make payments. This creates inefficiencies for both the institutions and the payers.
Solution
Payit offers a fintech platform designed to streamline and digitize bill payments for educational institutions. The platform provides a secure payment gateway and a digital wallet, enabling students and parents to pay tuition and other fees online via credit/debit cards or bank transfers. Payit automates reconciliation and reduces the administrative burden on institutions, while offering payers a convenient and hassle-free payment experience through a web interface and, soon, a mobile app. The system generates electronic payment slips for both parties and integrates with existing accounting software.
Target Audience
Payit primarily targets educational institutions in Pakistan, including schools, colleges, and universities, as well as their students and parents.
Features
- Online payment gateway supporting credit/debit cards and bank account transfers
- Digital wallet for students and parents to manage and track payments
- Automated E-slip generation and transaction history
- Integration with existing accounting and ERP systems via API
- Web-based interface accessible on desktops and laptops
- Support for payments through mobile banking, internet banking, and ATMs via the 1Bill network
- Online registration portal for educational institutions to join the Payit network
- Compliant with State Bank of Pakistan's security protocols