PhonePe's Udyam Assist Platform: A Leap Towards MSME Formalization
PhonePe launched its Udyam Assist Platform, providing a digital-first solution for MSME registration. This platform offers micro merchants easy business identity creation, boosting access to financial services. Supported by the MSME Ministry and SIDBI, it aims to formalize informal businesses, fostering economic growth and collaboration with larger enterprises.
- Country:
- India
In a significant move towards digitizing India's MSME sector, fintech company PhonePe unveiled its Udyam Assist Platform in the national capital. Union Minister for Micro, Small and Medium Enterprises, Jitan Ram Manjhi, hailed the initiative as a strategic step for self-reliant India, promising increased employment opportunities.
Minister Manjhi emphasized the potential for synergistic collaborations between government and private sectors like PhonePe to resolve enduring challenges in the MSME domain. Celebrated as a pioneering effort, PhonePe becomes the first fintech entity offering a comprehensive digital solution for merchants, diverging from conventional Udyam certificate processes.
The platform allows seamless digital onboarding, granting micro and small merchants a vital business identity. This identity opens doors to government benefits, financial services, and integration into the digital economy. SIDBI Chief General Manager YM Kumari noted the platform's key role in formalizing informal enterprises, fostering their economic inclusion and enhancing credit accessibility.
(With inputs from agencies.)
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