Instamojo, an online payment and e-commerce platform for Micro, Small & Medium Enterprises (MSMEs) said of late there had been faster adoption of electronic payments in the sector even from tier 2 and tier 3 cities.
The company, which has enrolled 5 lakh MSMEs on its platform, is now aiming to double enrolments by the end of this year.
“MSMEs form the backbone of the Indian economy contributing to 8% of the GDP each year. But, for them, adopting digital modes of payment is challenging,” said Sampad Swain, co-founder and CEO, Instamojo Technologies.
“We… have played an active role in digitising payments for the MSME sector, through our flagship product — the online payment link. We have already enrolled half a million MSMEs and target to a total of 1 million by the end of this year,” he said.
“With our various products and services, we are working towards digitising and easing the process of payments for these companies. We not only assist MSMEs with accepting online payments, but also contribute with easier on-boarding, building up web-stores and ensuring optimum levels of cybersecurity for the transactions to take place in a secured environment.”
The firm has introduced ‘Free payments’ to all merchants using NEFT.
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