New Delhi [India], September 10 (ANI): Fintech firm PhonePe has on Wednesday announced the launch of digital-first Udyam generation through the Udyam Assist Platform (UAP) at an event here in the national capital, in the presence of Union Minister for Micro, Small and Medium Enterprises Jitan Ram Manjhi.
“Providing registration facilities to enterprises through the Udyam Assist Platform is a historic step taken by the MSME Ministry and SIDBI, which will benefit many entrepreneurs. Our effort is to take forward the dreams of a self-reliant India envisioned by our Prime Minister Narendra Modi so that everyone gets employment opportunities,” Minister Manjhi said in a post on X.
Speaking to ANI later, the Union Minister said, “Going ahead, more big businesses will come to support our MSMEs…If the government and the private players like PhonePe join hands, we will be able to eradicate various problems.”
According to a statement from PhonePe, this launch makes PhonePe the first fintech to offer an end-to-end digital solution directly to its merchants, contrasting with the traditional Udyam certificate issuance used by most other platforms.
“This Udyam Assist Platform enables merchants to digitally onboard themselves and create a business certificate for them. Working with SIDBI, we have created a process that digitally onboards merchants through the PhonePe business app and issues them a business certificate. Identity of a merchant is significant, especially for the small and the micro merchants,” Hemant Gala, CEO, PhonePe, told ANI.
“The micro merchants are the heart and soul of the country, and giving them an identity is important because it enables them to get loan products, get financial services. And one thing that they lack in their business is identity, which is a proof of business,” Gala added.
“Ministry of MSME, under the guidance of Minister Jitan Manjhi, had created this facility and we are taking a step forward where we’ll take this across to our four-and-a-half crore merchants and get them to be able to create their own proof of business by onboarding them on it,” Gala further said.
By providing micro merchants with a formal business identity, this initiative enables Informal Micro Enterprises (IMEs) to unlock a wide range of benefits, including access to government schemes and tax benefits, the ability to open business bank accounts, and entry into the digital payments ecosystem and financial services.
As part of the launch event today, Udyam Assist Certificates were issued to merchants through this new digital process.
YM Kumari, Chief General Manager, Small Industries Development Bank of India (SIDBI) said, “Udyam Assist Platform has emerged as a major driver for the formalization of non-GST registered Informal Micro Enterprises. The platform enabled issue of Udyam Assist Certificates to more than 2.75 crore small businesses, over a period of more than 2 years. Seamless digital integration with the designated agencies marks another important positive step in the formalization journey. This initiative will further accelerate the formalization of informal micro-businesses into the mainstream economy as well as ease out and enhance credit flow to these entities.” (ANI)
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