Fintech leader PhonePe has signed a Memorandum of Understanding with Sidbi to provide a complete digital solution through the Udyam Assist Platform (UAP), aiming to empower micro enterprises and merchants across India.
The collaboration is focused on formalising Informal Micro Enterprises by offering digital-first Udyam Assist registration. This will enable them to access key benefits such as government schemes, credit facilities, and the wider digital payments ecosystem.
The agreement was signed in the presence of Union Minister for Micro, Small and Medium Enterprises, Jitan Ram Manjhi.
“Our partnership with Sidbi will unlock access to government schemes, credit facilities, and crucial benefits for MSMEs and will help contribute to India’s economic vision. Through PhonePe’s user-friendly and efficient, end-to-end digital solution, we are not just facilitating registration, we are translating the vision of empowering small and micro businesses into a seamless digital reality,” said PhonePe Pending CEO Hemant Gala.
Merchants will soon be able to access this facility directly through the PhonePe Business app.
The Udyam Assist Platform, launched in January 2023 by Sidbi under the Ministry of MSME’s Formalisation Project, enables online registration for Informal Micro Enterprises.
According to YM Kumari, Chief General Manager at Sidbi, the platform has become a key driver of formalisation for non-GST registered Informal Micro Enterprises. It has issued Udyam Assist Certificates to more than 2.75 crore small businesses over the past two years.
PhonePe and Sidbi collaboration is expected to accelerate the digital transformation of micro businesses, helping them gain formal recognition and wider access to financial and digital opportunities.
Also read: Viksit Workforce for a Viksit Bharat
Do Follow: The Mainstream formerly known as CIO News LinkedIn Account | The Mainstream formerly known as CIO News Facebook | The Mainstream formerly known as CIO News Youtube | The Mainstream formerly known as CIO News Twitter |The Mainstream formerly known as CIO News Whatsapp Channel | The Mainstream formerly known as CIO News Instagram
About us:
The Mainstream formerly known as CIO News is a premier platform dedicated to delivering latest news, updates, and insights from the tech industry. With its strong foundation of intellectual property and thought leadership, the platform is well-positioned to stay ahead of the curve and lead conversations about how technology shapes our world. From its early days as CIO News to its rebranding as The Mainstream on November 28, 2024, it has been expanding its global reach, targeting key markets in the Middle East & Africa, ASEAN, the USA, and the UK. The Mainstream is a vision to put technology at the center of every conversation, inspiring professionals and organizations to embrace the future of tech.
