The digital transformation in education and payment methods

It is inevitable not to start every article we read or tell, taking the pandemic of 2019 as a reference. We are aware that the personal and business lives of many were split in two during those years. In that “starting from scratch”, it has been interesting to see how the industry reinvented itself, and how people adapted to a new, more technological and virtual way of life. There has been an increase in the demand for various forms of digital education, and the interest of investors in companies that promote the development of work skills, even though today we can say that the pandemic disappeared relatively recently.

The evolution of education in the digital age

The expansion of digitalization and the development of online education have generated the need for reinvention in the education sector. As a result, the industry faces several challenges that need to be addressed to ensure a successful transition to a more digitalized educational model centered around user experiences. This sowed a seed with the name challenge for the education sector, which although it is certainly complex, teachers and students alike have been forced to look for ways to facilitate remote teaching and learning. As claimed by Statista, in Latin America, a region that was already struggling to provide adequate resources for an optimal learning environment, this situation has presented its own challenges. Inequalities are a constant, and circumstances vary both within and between countries.

Great challenges, but not impossible

The article: Impact of digital technologies upon teaching and learning in higher education in Latin America: an outlook on the reach, barriers, and bottlenecks, examines the degree to which digital technologies have been used to improve the educational process in Higher Education Institutions (HEIs), as well as the barriers and challenges that could explain why their implementation has not been uniformly effective in all HEIs. The research was carried out in nine Latin American (LATAM) countries, selected according to the prevailing perspectives of educators, business and financial investors. Its objective is to highlight the level of impact and implications of information technologies on teaching and learning processes.

According to the article, despite the commitment evidenced by LATAM countries to accelerate the transformation towards digital technologies in their educational environment, through the development of action frameworks and plans based on Educational Technology (TEL, in Spanish) policies, there is a lack of local capacity for the creation and design of specialized educational technologies. These tools could be used to improve teaching and learning processes in various Higher Education Institutions (HEIs) in the LATAM region, unlike what happens in European countries.

Opportunity Box

While there is a significant challenge in education and digital payments in LATAM, several countries are making efforts to expand their presence and support through programs that impact the education sector. Here are some figures from Statista.com, with respect to countries such as Mexico, Ecuador and Peru:

• Mexico: Revenue in the online education market is projected to reach $793.10 million by 2024.
• Peru: Revenue in the online education market is projected to reach $128.60 billion by 2024.
• Ecuador: The total value of transactions in the digital payments market is projected to reach $10.74 billion by 2024.

In summary, didactic elements and models are being developed to ensure that students’ learning and training experiences are maximized, even in circumstances such as those of a pandemic. Thanks to trends and advances in digital technologies, digital technologies have become an integral part of the modern educational models of higher institutions, as well as an effective tool for the development of disciplinary and transversal competencies, and the promotion of a memorable and flexible university experience.

An impact for the future of society

Recently, a qualitative study was conducted in Brazil and Mexico to evaluate the impact of educational technologies in the educational field (Jassir, 2018). Based on the findings of this study, the aim is to develop educational programs that help accelerate HEIs’ plans towards developing and improving their digital transformation strategies, providing a roadmap for the future of education and sustainability.

This is how Kushki enters the education and payment markets

At Kushki we are dedicating significant resources to technological innovation to integrate the various channels with payment systems. The digital environment is constantly evolving, requiring continuous updating and improvement of user experience and multi-channel strategies to keep up with industry trends and consumer expectations. The market is increasingly demanding ease and speed in payments. For this reason, having tools that facilitate recurring charges is essential.

Kushki offers a variety of tools designed for this purpose:

• Online payments by credit card, debit card, bank transfers or cash payments.
• Reduce the ratio of non-performing loans, due to lack of timely payments.
• Ease and agility on platforms with UPTIME availability
• of 99%.
• Regional processing that allows us to replicate best practices in different markets.
• Modern technology based 100% on the cloud.
• Card subscription to make recurring payments.
• Payment links that facilitate the collection of delinquent portfolios.
• Consolidated settlement reports on sales made with any payment method or card brand.
• Online administrative management console.
• Reports where the different mechanisms of digital payments, transfers, card payments, among others, are consolidated.

Contact here an advisor to learn how our solution offers your customers greater ease and agility to integrate with the same API for LATAM and expand your business without complications!