PhonePe has unveiled Udyam registration through the Udyam Assist Platform (UAP), marking a significant step toward formalising micro-enterprises across India.
The launch event in Delhi was attended by Union Minister for Micro, Small, and Medium Enterprises, Jitan Ram Manjhi, and Y.M. Kumari, Chief General Manager of Small Industries Development Bank of India (SIDBI).
With this initiative, PhonePe becomes the first FinTech to offer an end-to-end digital solution for Udyam registration directly to its merchant base, setting it apart from traditional certificate issuance processes.
The Udyam Assist registration offers informal micro-enterprises (IMEs) a formal business identity, unlocking a range of benefits such as access to government schemes, tax incentives, business banking services, and financial products.
This initiative aims to bring small businesses into the formal economy and expand their access to the digital payments ecosystem.
During the event, Udyam Assist Certificates were issued to merchants through the new digital process, underscoring the platform’s potential to reshape India’s financial inclusion landscape.
Additionally, PhonePe signed a Memorandum of Understanding (MoU) with SIDBI to facilitate credit access for micro merchants through integrated digital lending solutions within the UAP framework.
Hemant Gala, CEO, PhonePe Lending, expressed his enthusiasm, stating, “Today marks a pivotal moment for Digital India and millions of small entrepreneurs across our nation. We are deeply honored to be one of the first institutions to deliver a complete digital-first integration with the Udyam Assist Platform. 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’re not just facilitating registration, we are translating the vision of empowering small and micro businesses into a seamless digital reality.”
Y.M. Kumari, Chief General Manager, SIDBI added, “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 formalisation journey. This initiative will further accelerate the formalisation of informal micro-businesses into the mainstream economy as well as ease out and enhance credit flow to these entities.”
The Udyam Assist Platform, developed by SIDBI as part of the Ministry of MSME’s Formalisation Project, enables the online registration of informal micro-enterprises with designated agencies for the issuance of Udyam Registration Numbers and Udyam Assist Certificates.
The initiative reflects the government’s commitment to bringing informal businesses into the formal economy and improving their access to credit and financial services nationwide. With PhonePe’s approach, this effort stands to redefine micro-enterprise empowerment in the country.
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