PM Modi shares image of tailor on the street using Paytm, calls it a common sight across India
Jan 24, 2023, 13:44 IST
Prime Minister Narendra Modi 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 Paytm QR codes 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.”
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 Narendra Modi government", the user captioned the image.
One of the key initiatives of the Modi government has been the promotion of digital payments 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 & 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.
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 insiderstudios@businessinsider.in
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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 Narendra Modi government", the user captioned the image.
One of the key initiatives of the Modi government has been the promotion of digital payments through the Digital India programme. The Centre has placed a high priority on extending digital payment services to every segment of the population.
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“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 & 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.
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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 insiderstudios@businessinsider.in