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Homegrown <keyword id="6357120" type="General" weightage="20" keywordseo="paytm" source="Orion">Paytm</keyword> Payments Bank Limited (PPBL) on Wednesday said it has gone live with <keyword id="13424650" type="General" weightage="20" keywordseo="upi-lite" source="Orion">UPI LITE</keyword>, a feature enabled by the National Payments Corporation of India (NPCI) for multiple small-value <keyword id="4052276" type="General" weightage="20" keywordseo="upi-transactions" source="Orion">UPI transactions</keyword>. It will enable faster real-time transactions with a single click through Paytm. With UPI LITE, the Bank aims to drive the adoption of digital payments across the country. Once loaded, a UPI LITE wallet allows a user to do instant transactions of up to ₹200 in a seamless way. A maximum of ₹2,000 can be added twice in a day to UPI LITE, making the cumulative daily usage up to ₹4,000. Additionally, with UPI LITE, users can carry out a large number of small value UPI payments without worrying about a cap on the number of bank transactions, said the company. "As per official data from NPCI, half of the everyday UPI transactions in the country are less than ₹200 and with UPI LITE, users get superior experience with faster and safer real-time small value payments. We are focussed on driving digital inclusion and the launch of UPI LITE is a big step ahead in that direction," said Surinder Chawla, MD and CEO, Paytm Payments Bank. UPI LITE was launched by the Reserve Bank of India in September 2022. It also de-clutters the bank passbook of small value transactions, as these payments would now only show in the Paytm balance and history section, and not in the bank passbook. "This will further improve the success rate of transactions, enhancing the user experience, and taking us one more step closer to processing a billion transactions a day on the UPI platform," said Praveena Rai, COO, NPCI. Paytm Payments Bank recently announced that users can receive and send money instantly to any mobile number with a registered UPI ID across platforms using the Paytm app. PPBL remained the largest UPI beneficiary bank for 19 months in a row with over 1,726.94 million transactions in December 2022, ahead of all major banks in the country. With 386.5 million registered transactions, the Bank is one of the top 10 remitter banks for UPI transactions, according to NPCI's latest report. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/hdfc-mf-launches-mnc-fund-that-offers-portfolio-diversification-opportunities/articleshow/97920631.cms">HDFC MF launches MNC fund that offers portfolio diversification opportunities</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/bengaluru-mumbai-sunshine-locations-for-hiring-in-q4-teamlease-report/articleshow/97919259.cms">Bengaluru, Mumbai sunshine locations for hiring in Q4: Teamlease report</a>

Paytm Payments Bank goes live with UPI LITE to boost small-value UPI transactions

New Delhi, Banking issues like reluctance to process <keyword id="6358355" type="General" weightage="20" keywordseo="forex" source="Orion">forex</keyword> received through alternate channels and high processing fees are hindering the growth of <keyword id="7848945" type="General" weightage="20" keywordseo="e-commerce-exports" source="Orion">e-commerce exports</keyword> from India, and there is a need to bring mindset change to unlock the sector's potential, a report by think tank GTRI said on Monday. Unlocking India's e-commerce export potential to USD 350 billion by 2030 requires addressing banking issues that hinder growth and increase operational costs, the Global Trade Research Initiative (GTRI) said. "To initiate change, both the RBI and banks must shift their mindset towards treating small-value exports differently from larger ones. This shift is essential to prevent misuse while streamlining processes. Without this fundamental change, any reforms attempted by the RBI and banks will fall short," it said. Small e-commerce businesses often face challenges because banks are not equipped to handle low-value transactions efficiently, it added. The key issues include reluctance to process forex through alternate channels, high processing fees, incorrect purpose code allocation, and limitations in the RBI's EDPMS (Export Data Processing and Monitoring System). The Reserve Bank of India tracks export payments and reconciliation through its Export Data Processing and Monitoring System. "Banks are happy to process forex received through bank transfers but reluctant to process forex received through foreign currency cheques, payment gateways like PayPal, credit cards, <keyword id="151105" type="General" weightage="20" keywordseo="western-union" source="Orion">Western Union</keyword>, cash receipt when a buyer selects item live in the retail shop," it said. Banks delay crediting forex received in a firm's account when payments are received through such channels, and this affects cash flow and hampers business operations, the report noted. Banks charge money multiple times at different stages for the same small-value shipment, it added. Elaborating this, it said that essential charges include charges for submitting shipping bills (Rs 80 to Rs 2,000) at the time of forex realisation (1-to-2.5 per cent of value), intermediary bank charges during forex transfers (USD 10 to USD 55 per transaction), penalties for bills pending at EDPMS (Rs 100 per shipping bill per month). "Most charges are fixed for a transaction irrespective of value. Bank charges can exceed 50-60 per cent of the shipment value. This makes e-commerce exports commercially unviable," it said, adding banks allocate purpose codes for each remittance but frequently issue incorrect codes. For example, purpose code P0103, meant for advance payments, is often assigned even when exports have already occurred and the firm has submitted proof. Incorrect allocation of purpose codes by banks leads to reconciliation problems, EDPMS pendency issues, and issuance of notices and fines on exporters. The RBI issues notices to exporters for EDPMS defaults but does not give them direct access to view their records, as per the report. "Exporters must rely on banks/DGFT for critical data, leading to unnecessary delays and complications," GTRI co-founder <keyword id="504704" type="General" weightage="50" keywordseo="ajay-srivastava" source="Orion">Ajay Srivastava</keyword> said. The report suggested eight action points, such as the creation of a single window platform for e-commerce and small-value shipments, standardise bank charges, defining a time limit for banks to complete all small export-related requests by the RBI, and exempting shipment value up to USD 1,000 per shipment from monitoring till the single window is implemented. It also pitched for an extension of the timeline for EDPMS closure from the current nine months to 24 months and redesign the courier shipping bill to reflect correct payment terms. On the single window, Srivastava called for integrating the RBI, banks, Customs, DGFT, India Post, courier companies and exporters. "This platform should cover all realisation methods other than bank transfers. The exporter should be able to conduct all transactions online. SW will automate the EDPMS reconciliation process," he added. He said that high processing fees and multiple charges at different stages of exporting hurt small businesses the most, and the banks should charge a one-time fee for each shipment instead of further charges at various stages. "The government could subsidise these fees to ease the financial burden on small exporters," the report said, adding there is a need to raise the export realisation variation limit from 25 per cent to 100 per cent.

Banking issues hinder growth of exports through e-commerce: GTRI report

<div class="KonaFilter image-container float_right click-to-enlarge"><div class="image"><a title_source="BI Intelligence" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/54aee405eab8ea9d6be90a12-960/loans%20originated.png"></a>BI Intelligence</div></div>
A handful of payments companies including Square and PayPal are moving beyond their core market in payments to take advantage of an opportunity to help small businesses grow.
Following the 2008 financial crisis, banks severely restricted access to capital, disproportionately affecting fledgling and medium-sized businesses. Annual loan originations to businesses with $1 million or less in revenue fell dramatically between 2007 and 2013. 
For payments companies like Square and PayPal this created an opportunity. They are now offering loans and advances to their small-business clients and charging a fixed fee for the capital advance. It's a way to develop a new revenue stream and help their merchants grow (which in turn, means more money from credit card transaction fees). In a new <a href="https://intelligence.businessinsider.com/how-paypal-and-square-are-moving-beyond-payments-to-help-small-businesses-grow-2015-1?utm_source=House&amp;utm_medium=Edit&amp;utm_term=SMBLEND-2015-2-5&amp;utm_content=link&amp;utm_campaign=BIIPayments" target="_blank">BI Intelligence</a> report, we explain how these digital-lending programs work, how they stack up to alternatives, and why banks should be worried about these programs taking off. 
<h3><a href="https://intelligence.businessinsider.com/how-paypal-and-square-are-moving-beyond-payments-to-help-small-businesses-grow-2015-1?utm_source=House&amp;utm_medium=Edit&amp;utm_term=SMBLEND-2015-2-5&amp;utm_content=link&amp;utm_campaign=BIIPayments" onclick="this.href = this.href + '-' + window.location.search.substr(1).replace(/\&amp;|\=/g, '-');">Access the Full Report By Signing Up For A Risk-Free Membership Today &gt;&gt;</a></h3>
Here are some of the key points from the report: 
<ul>
<li><a href="https://intelligence.businessinsider.com/how-paypal-and-square-are-moving-beyond-payments-to-help-small-businesses-grow-2015-1?utm_source=House&amp;utm_medium=Edit&amp;utm_term=SMBLEND-2015-2-5&amp;utm_content=link&amp;utm_campaign=BIIPayments" onclick="this.href = this.href + '-' + window.location.search.substr(1).replace(/\&amp;|\=/g, '-');">Small businesses are often in need of quick capital that can't be accessed through traditional bank loans or credit cards.</a> The 2008 financial crisis left hundreds of thousands of small businesses with pent-up demand for working capital to grow their businesses. Only 2.4 million traditional loans were originated to businesses with $1 million or less in revenue in 2013, down 54% from 2007.</li>
<li><a href="https://intelligence.businessinsider.com/how-paypal-and-square-are-moving-beyond-payments-to-help-small-businesses-grow-2015-1?utm_source=House&amp;utm_medium=Edit&amp;utm_term=SMBLEND-2015-2-5&amp;utm_content=link&amp;utm_campaign=BIIPayments" onclick="this.href = this.href + '-' + window.location.search.substr(1).replace(/\&amp;|\=/g, '-');">To fill this niche, a handful of start-ups and payments companies are now offering small businesses a financing opportunity that works like an advance on sales.</a> In this report, we focus on two examples: Square Capital and PayPal Working Capital. These programs offer merchants financing in exchange for a fixed fee which is paid back as a percentage of the merchant's daily sales. If merchants have no sales on a particular day they pay nothing.</li>
<li><a href="https://intelligence.businessinsider.com/how-paypal-and-square-are-moving-beyond-payments-to-help-small-businesses-grow-2015-1?utm_source=House&amp;utm_medium=Edit&amp;utm_term=SMBLEND-2015-2-5&amp;utm_content=link&amp;utm_campaign=BIIPayments" onclick="this.href = this.href + '-' + window.location.search.substr(1).replace(/\&amp;|\=/g, '-');">The programs are most competitive with credit cards and banks loans.</a> Though the equivalent annual percentage rate (APR) of these programs tends to be higher, they help merchants save time, the terms are clear, and repayment is automated. Merchants often value these features enough to pay what equates to a premium.</li>
<li><a href="https://intelligence.businessinsider.com/how-paypal-and-square-are-moving-beyond-payments-to-help-small-businesses-grow-2015-1?utm_source=House&amp;utm_medium=Edit&amp;utm_term=SMBLEND-2015-2-5&amp;utm_content=link&amp;utm_campaign=BIIPayments" onclick="this.href = this.href + '-' + window.location.search.substr(1).replace(/\&amp;|\=/g, '-');">Square, PayPal, and others are offering these lending programs because they can meet an existing demand among merchants they have already acquired as clients.</a> The payments business depends on the number and value of purchases made at merchants since payments companies typically take a cut of each transaction as revenue. Logically, then, payments companies want to serve merchants with growing businesses. But without access to capital, it's difficult for a business to grow. Both companies are seeing more pressure on their primary card-processing businesses as new entrants such as Stripe gain market share. Capital lending offers a high return without extensive startup costs. </li>
<li><a href="https://intelligence.businessinsider.com/how-paypal-and-square-are-moving-beyond-payments-to-help-small-businesses-grow-2015-1?utm_source=House&amp;utm_medium=Edit&amp;utm_term=SMBLEND-2015-2-5&amp;utm_content=link&amp;utm_campaign=BIIPayments" onclick="this.href = this.href + '-' + window.location.search.substr(1).replace(/\&amp;|\=/g, '-');">Banks should be worried.</a> These programs compete with existing banking products, including credit cards and bank loans. Even though these programs tend to be more expensive than loans and lines of credit, a large group of merchants turn to them because they can gain access to financing more quickly and easily and because the repayment schedule tracks their business performance. </li>
</ul>
In full, the report:
<ul>
<li><a href="https://intelligence.businessinsider.com/how-paypal-and-square-are-moving-beyond-payments-to-help-small-businesses-grow-2015-1?utm_source=House&amp;utm_medium=Edit&amp;utm_term=SMBLEND-2015-2-5&amp;utm_content=link&amp;utm_campaign=BIIPayments" onclick="this.href = this.href + '-' + window.location.search.substr(1).replace(/\&amp;|\=/g, '-');">Analyzes the market for small business lending and which business are most likely to use digital lending programs. </a></li>
<li><a href="https://intelligence.businessinsider.com/how-paypal-and-square-are-moving-beyond-payments-to-help-small-businesses-grow-2015-1?utm_source=House&amp;utm_medium=Edit&amp;utm_term=SMBLEND-2015-2-5&amp;utm_content=link&amp;utm_campaign=BIIPayments" onclick="this.href = this.href + '-' + window.location.search.substr(1).replace(/\&amp;|\=/g, '-');">Explains how these new lending programs work using Square and PayPal as case studies. </a></li>
<li><a href="https://intelligence.businessinsider.com/how-paypal-and-square-are-moving-beyond-payments-to-help-small-businesses-grow-2015-1?utm_source=House&amp;utm_medium=Edit&amp;utm_term=SMBLEND-2015-2-5&amp;utm_content=link&amp;utm_campaign=BIIPayments" onclick="this.href = this.href + '-' + window.location.search.substr(1).replace(/\&amp;|\=/g, '-');">Details the advantages that payments companies and other businesses see in small-business lending.</a></li>
<li><a href="https://intelligence.businessinsider.com/how-paypal-and-square-are-moving-beyond-payments-to-help-small-businesses-grow-2015-1?utm_source=House&amp;utm_medium=Edit&amp;utm_term=SMBLEND-2015-2-5&amp;utm_content=link&amp;utm_campaign=BIIPayments" onclick="this.href = this.href + '-' + window.location.search.substr(1).replace(/\&amp;|\=/g, '-');">Investigates why banks should be worried about these new lending initiatives and how they might push back. </a></li>
</ul>
<a href="https://intelligence.businessinsider.com/how-paypal-and-square-are-moving-beyond-payments-to-help-small-businesses-grow-2015-1?utm_source=House&amp;utm_medium=Edit&amp;utm_term=SMBLEND-2015-2-5&amp;utm_content=link&amp;utm_campaign=BIIPayments" onclick="this.href = this.href + '-' + window.location.search.substr(1).replace(/\&amp;|\=/g, '-');">For full access to all BI Intelligence's charts and data on the Payments Industry, sign up for a risk-free trial.</a>

PayPal, Square and other tech companies are disrupting banks as they move aggressively into small-business lending

<div class="KonaFilter image-container float_right click-to-enlarge" style="width:400px"><div class="image"><a title_source="BI Intelligence" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/54aee405eab8ea9d6be90a12-960/loans%20originated.png"></a>BI Intelligence</div></div>A handful of payments companies including Square and PayPal are moving beyond their core market in payments to take advantage of an opportunity to help small businesses grow.Following the 2008 financial crisis, banks severely restricted access to capital, disproportionately affecting fledgling and medium-sized businesses. Annual loan originations to businesses with $1 million or less in revenue fell dramatically between 2007 and 2013. For payments companies like Square and PayPal this created an opportunity. They are now offering loans and advances to their small-business clients and charging a fixed fee for the capital advance. It's a way to develop a new revenue stream and help their merchants grow (which in turn, means more money from credit card transaction fees). In a new <a href="http://www.businessinsider.com/intelligence/research-store?IR=T#!/THE-SMALL-BUSINESS-LENDING-REPORT/p/47166236/category=11987295" target="_blank" onclick="this.href = this.protocol + '//' + this.hostname + this.pathname + this.search + '&amp;' + window.location.search.substr(1)+ this.hash;">BI Intelligence</a> report, we explain how these digital-lending programs work, how they stack up to alternatives, and why banks should be worried about these programs taking off. <h3><a href="http://www.businessinsider.com/intelligence/research-store?IR=T#!/THE-SMALL-BUSINESS-LENDING-REPORT/p/47166236/category=11987295" target="_blank" onclick="this.href = this.protocol + '//' + this.hostname + this.pathname + this.search + '&amp;' + window.location.search.substr(1)+ this.hash;">Purchase the full report &gt;&gt;</a></h3>Here are some of the key points from the report: <ul><li><a href="http://www.businessinsider.com/intelligence/research-store?IR=T#!/THE-SMALL-BUSINESS-LENDING-REPORT/p/47166236/category=11987295" target="_blank" onclick="this.href = this.protocol + '//' + this.hostname + this.pathname + this.search + '&amp;' + window.location.search.substr(1)+ this.hash;">Small businesses are often in need of quick capital that can't be accessed through traditional bank loans or credit cards.</a> The 2008 financial crisis left hundreds of thousands of small businesses with pent-up demand for working capital to grow their businesses. Only 2.4 million traditional loans were originated to businesses with $1 million or less in revenue in 2013, down 54% from 2007.</li><li><a href="http://www.businessinsider.com/intelligence/research-store?IR=T#!/THE-SMALL-BUSINESS-LENDING-REPORT/p/47166236/category=11987295" target="_blank" onclick="this.href = this.protocol + '//' + this.hostname + this.pathname + this.search + '&amp;' + window.location.search.substr(1)+ this.hash;">To fill this niche, a handful of start-ups and payments companies are now offering small businesses a financing opportunity that works like an advance on sales.</a> In this report, we focus on two examples: Square Capital and PayPal Working Capital. These programs offer merchants financing in exchange for a fixed fee which is paid back as a percentage of the merchant's daily sales. If merchants have no sales on a particular day they pay nothing.</li><li><a href="http://www.businessinsider.com/intelligence/research-store?IR=T#!/THE-SMALL-BUSINESS-LENDING-REPORT/p/47166236/category=11987295" target="_blank" onclick="this.href = this.protocol + '//' + this.hostname + this.pathname + this.search + '&amp;' + window.location.search.substr(1)+ this.hash;">The programs are most competitive with credit cards and banks loans.</a> Though the equivalent annual percentage rate (APR) of these programs tends to be higher, they help merchants save time, the terms are clear, and repayment is automated. Merchants often value these features enough to pay what equates to a premium.</li><li><a href="http://www.businessinsider.com/intelligence/research-store?IR=T#!/THE-SMALL-BUSINESS-LENDING-REPORT/p/47166236/category=11987295" target="_blank" onclick="this.href = this.protocol + '//' + this.hostname + this.pathname + this.search + '&amp;' + window.location.search.substr(1)+ this.hash;">Square, PayPal, and others are offering these lending programs because they can meet an existing demand among merchants they have already acquired as clients.</a> The payments business depends on the number and value of purchases made at merchants since payments companies typically take a cut of each transaction as revenue. Logically, then, payments companies want to serve merchants with growing businesses. But without access to capital, it's difficult for a business to grow. Both companies are seeing more pressure on their primary card-processing businesses as new entrants such as Stripe gain market share. Capital lending offers a high return without extensive startup costs. </li><li><a href="http://www.businessinsider.com/intelligence/research-store?IR=T#!/THE-SMALL-BUSINESS-LENDING-REPORT/p/47166236/category=11987295" target="_blank" onclick="this.href = this.protocol + '//' + this.hostname + this.pathname + this.search + '&amp;' + window.location.search.substr(1)+ this.hash;">Banks should be worried.</a> These programs compete with existing banking products, including credit cards and bank loans. Even though these programs tend to be more expensive than loans and lines of credit, a large group of merchants turn to them because they can gain access to financing more quickly and easily and because the repayment schedule tracks their business performance. </li></ul>In full, the report:<ul><li><a href="http://www.businessinsider.com/intelligence/research-store?IR=T#!/THE-SMALL-BUSINESS-LENDING-REPORT/p/47166236/category=11987295" target="_blank" onclick="this.href = this.protocol + '//' + this.hostname + this.pathname + this.search + '&amp;' + window.location.search.substr(1)+ this.hash;">Analyzes the market for small business lending and which business are most likely to use digital lending programs. </a></li><li><a href="http://www.businessinsider.com/intelligence/research-store?IR=T#!/THE-SMALL-BUSINESS-LENDING-REPORT/p/47166236/category=11987295" target="_blank" onclick="this.href = this.protocol + '//' + this.hostname + this.pathname + this.search + '&amp;' + window.location.search.substr(1)+ this.hash;">Explains how these new lending programs work using Square and PayPal as case studies. </a></li><li><a href="http://www.businessinsider.com/intelligence/research-store?IR=T#!/THE-SMALL-BUSINESS-LENDING-REPORT/p/47166236/category=11987295" target="_blank" onclick="this.href = this.protocol + '//' + this.hostname + this.pathname + this.search + '&amp;' + window.location.search.substr(1)+ this.hash;">Details the advantages that payments companies and other businesses see in small-business lending.</a></li><li><a href="http://www.businessinsider.com/intelligence/research-store?IR=T#!/THE-SMALL-BUSINESS-LENDING-REPORT/p/47166236/category=11987295" target="_blank" onclick="this.href = this.protocol + '//' + this.hostname + this.pathname + this.search + '&amp;' + window.location.search.substr(1)+ this.hash;">Investigates why banks should be worried about these new lending initiatives and how they might push back. </a></li></ul><a href="http://www.businessinsider.com/intelligence/research-store?IR=T#!/THE-SMALL-BUSINESS-LENDING-REPORT/p/47166236/category=11987295" target="_blank" onclick="this.href = this.protocol + '//' + this.hostname + this.pathname + this.search + '&amp;' + window.location.search.substr(1)+ this.hash;">Purchase the full report &gt;&gt;</a><div style="margin: 20px auto; text-align: center !important;"><a href="http://www.businessinsider.com/intelligence/research-store?IR=T#!/THE-SMALL-BUSINESS-LENDING-REPORT/p/47166236/category=11987295" target="_blank" onclick="this.href = this.protocol + '//' + this.hostname + this.pathname + this.search + '&amp;' + window.location.search.substr(1)+ this.hash;"></a> THE SMALL-BUSINESS LENDING REPORT $395.00<div style="margin: 6px auto 0px auto; width: 168px; height: 39px; background-color: #599fda; overflow: hidden;"><a href="http://www.businessinsider.com/intelligence/research-store?IR=T#!/THE-SMALL-BUSINESS-LENDING-REPORT/p/47166236/category=11987295" target="_blank" onclick="this.href = this.protocol + '//' + this.hostname + this.pathname + this.search + '&amp;' + window.location.search.substr(1)+ this.hash;"></a></div></div> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/bethany-mota-youtube-fans-video-reviews-2014-12">Why Bethany Mota Has A Legion Of 10 Million Fans Waiting For Her Next YouTube Video</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="hicnE2cjooZzifQdpt7bqS6GMVS8frup" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

Payments-tech companies like PayPal and Square are moving aggressively into lending and disrupting banks

<keyword id="6354814" type="General" weightage="20" keywordseo="prime-minister-narendra-modi" source="Orion">Prime Minister Narendra Modi</keyword> on Saturday took to social media to highlight the widespread adoption of digital payments in India, sharing a photo of a roadside tailor who has integrated <keyword id="6357120" type="General" weightage="20" keywordseo="paytm" source="Orion">Paytm</keyword> <keyword id="6361008" type="General" weightage="20" keywordseo="qr-codes" source="Orion">QR codes</keyword> into his sewing machine. The image was retweeted by PM Modi with the remark, “It is a common sight across India…our people have shown remarkable dexterity in adapting to tech and innovation.” <div type="twitter" handle="narendramodi" handlename="Narendra Modi" image="http://pbs.twimg.com/profile_images/1565985672501927936/d-r-h241_normal.jpg" favoritecount="18971" retweetcount="3054" status="It is a common sight across India…our people have shown remarkable dexterity in adapting to tech and innovation. https://t.co/Bl8EsPEshn" createdat="1674305719000" id="1616781487898251266"></div>The tweet quickly gained traction, receiving a million views and almost 15,000 likes within a day. <div type="twitter" handle="vijayshekhar" handlename="Vijay Shekhar Sharma" image="http://pbs.twimg.com/profile_images/1567558193429217281/e6JbIoQ3_normal.jpg" favoritecount="695" retweetcount="49" status="Absolutely Sir !💯 Pride of our India is acceptance and embracing technology by every citizen in country. Thank yo… https://t.co/ttnGDRDeDo" createdat="1674306941000" id="1616786613979459585"></div>Fintech giant Paytm’s Founder and CEO Vijay Shekhar Sharma also responded to PM Modi’s tweet, saying, “Absolutely Sir! Pride of our India is acceptance and embracing technology by every citizen in country. Thank you for championing and guiding the change.” Paytm has played a significant role in increasing the popularity and accessibility of digital payments in the country. The company's efforts to expand its reach by partnering with small businesses and vendors, such as the roadside tailor in the image shared by PM Modi, have further contributed to the increased adoption of digital payments in India. The user who posted the picture revealed that it was taken in Uttar Pradesh’s Ghaziabad. “You have to be in Bharat to understand the scale of this transformation brought about by the policies of PM <keyword id="6354477" type="General" weightage="20" keywordseo="narendra-modi" source="Orion">Narendra Modi</keyword> government", the user captioned the image. One of the key initiatives of the Modi government has been the promotion of <keyword id="1399736" type="General" weightage="20" keywordseo="digital-payment" source="Orion">digital payment</keyword>s through the Digital India programme. The Centre has placed a high priority on extending digital payment services to every segment of the population. In line with this objective, the Union Cabinet, chaired by Prime Minister Modi, recently announced an increase in the allocation for the promotion of RuPay debit cards and low-value UPI payments to ₹2,600 crore for FY23. This is a significant increase from the initial allocation of ₹1,300 crore, which was announced in the Budget for FY22. The move is part of the government's ongoing efforts to promote digital payments across the country and bring about a digital transformation in India. “Under the said scheme, acquiring banks will be provided financial incentive for promoting point-of-sale (PoS) and e-commerce transactions using RuPay debit cards and low-value BHIM-UPI transactions (person-to-merchant) for the current financial year,” the Ministry of Electronics &amp; IT said. Brokerage firms Morgan Stanley and Goldman Sachs have said that Paytm will be a key beneficiary of this incentive scheme. India's leading digital payments and financial services company, Paytm, has played a crucial role in the advancement of the Indian government's vision of a cashless economy. The company has pioneered the use of QR codes for mobile payments and has made digital transactions accessible to all. Digital payments have played a crucial role in maintaining business continuity during the pandemic, particularly for small merchants, and promoting social distancing. In December 2022, UPI achieved a record of 7.82 billion digital payment transactions with a value of ₹12.82 lakh crore. Last week, PM Modi also initiated the transfer of approved loans of over one lakh beneficiaries under PM SVAnidhi Yojana, a special micro-credit facility for street vendors. He lauded the fact that the scheme’s beneficiaries have done digital transactions with ₹50,000 crore in a short span of time. “This feat and change is a big answer to the pessimists, who used to question the success of digital payments by street vendors,” PM Modi said. Paytm has been helping in deepening financial inclusion by onboarding street vendors under the PM SVANidhi scheme and helping them to accept digital payments. In 2021- 22, the company onboarded more than 35,000 Street vendors under PM SVANidhi scheme. The PM added that the SVANidhi Yojana is not just a scheme to give loans, but it is a campaign to boost the economic power of our fellow street vendors by empowering them to accept digital payments. Paytm’s work in supporting the government's efforts aligns with its mission to bring half a billion Indians into the mainstream economy through the use of digital payments and financial services. By pioneering the use of QR codes for mobile payments, Paytm has helped to remove barriers for individuals and small businesses, particularly street vendors, to access financial services and conduct digital transactions. Additionally, Paytm's active participation in the PM SVANidhi Yojana by onboarding street vendors and helping them accept digital payments has enabled them to participate fully in the digital economy. Disclaimer: This article is generated and published by the Insider Studios team. You can get in touch with them on <a href="mailto:insiderstudios@businessinsider.in" target="_blank">insiderstudios@businessinsider.in</a>

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