Digital payment solutions very valuable for Indian MSMEs, says report

BENGALURU : Digital payment technology and payment gateways create significant value for micro, small and medium enterprises (MSMEs) in India, while more than 9 million GST-registered MSMEs could be a potential market for advanced offerings from fintech companies.

According to ‘Indian MSME Impact Report 2019’ by fintech company Instamojo, 63 million MSMEs in India are engaged in a wide variety of businesses. The report is based on a six-month analysis of the MSME sector by Instamojo and Valuvox Business Solutions, during which 400 entrepreneurs were surveyed.

Around 75% of MSME respondents believe that technology helps solve many of the challenges they face, the report says, adding that small enterprises leverage online information, logistics and e-mail apps, social media, task management solutions and also train employees on technology.