PhysicsWallah Inks a Chapter on Higher Success Rates
About
PhysicsWallah (PW) is an edtech startup founded in 2016 by Alakh Pandey and Prateek Maheshwari. It started as a YouTube channel by Alakh Pandey, an engineer, to teach physics concepts to students preparing for competitive exams like JEE and NEET.
Physics Wallah emerged with the vision of providing accessible, high-quality education to all individuals. Their commitment involves creating courses that cater to a diverse audience, aspiring to revolutionize the education sector in a sustainable and affordable manner.
Within a few years, PW evolved into an online learning platform providing recorded video lectures as well as live online classes across physics, chemistry, biology, and mathematics for JEE, NEET, CBSE, and other school/college exams.
Alakh Pandey and Physics Wallah have become synonymous with a profound emotional connection, transcending the typical corporate identity.
Challenge
PhysicsWallah enables affordable education for Bharat. With pocket friendly prices for its offerings, the most popular payment methods among its customers were Wallets and UPI. PhysicsWallah aimed to provide its users with a payment experience that is effortlessly seamless, ensuring users feel it functions smoothly. Addressing the payment needs for Bharat required a meticulous understanding of the demographics and their payment behaviors. This detailed insight was crucial in crafting a brillaint payment experience tailored to suit their preferences.
The challenges largely revolved around:
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Increasing the Success Rates for Wallet and Net Banking Transactions
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Increasing UPI’s volume viz a viz payments volume and increasing the Success Rates for UPI
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Offering customers a wide variety of Payment Methods coupled with Affordability
Solution
PhysicsWallah chose Juspay as their Payments Platform to enhance its payment experience, increase success rates, and ultimately propel business growth. Implementing a robust end-to-end payments platform simplified the once complex task of managing payments, turning it into an intuitive and seamless process.
Improving Wallet and Net Banking Success Rates
The majority of payment volumes for PhysicsWallah are facilitated through Wallets, and leveraging Juspay’s actionable insights derived from customer behavior on the PhysicsWallah platform resulted in a 3% increase in success rates for Wallet transactions.
This involved optimizing wallet configurations by disabling underperforming wallets and fixing gateway configuration issues. Furthermore, configuring Fallback Gateways for Net Banking Transactions led to an increase of 2% in Success Rates.
Improving UPI Volumes and Success Rates
Utilizing UPI as a payment method enables merchants to save on processing fees while simultaneously offering a convenient payment experience for customers. Launching UPI QR code payments on the PhysicsWallah platform, single click verify and Pay mechanisms for UPI Collect led, and VPA suggestions led to a 12% increase in UPI Volumes and a 3.2% increase in Success Rates.
Introducing Payment Flexibility with Affordability
A detailed analysis of PhysicsWallah’s users revealed that the customers had a bigger propensity for completing a transaction if payment flexibility options such as EMI and Consumer Finance were presented on the Checkout page. Enabling consumer finance options and introducing EMI plans across payment methods like debit/credit cards led to a 3% increase in Success Rates for Credit Cards as well as more customers opting for consumer finance to purchase the courses on PhysicsWallah.
PhysicsWallah subscribes to better Payments
Through this collaboration, PhysicsWallah joins India’s fastest growing startups utilizing Juspay to expand and adjust to the ever-changing payment preferences of customers. Achieving an impressive 6% increase in success rates and ensuring a smooth checkout process, PhysicsWallah users can now enjoy the most seamless payment experience in the industry.
