PM Modi shares image of tailor on the street using Paytm, calls it a common sight across India
It is a common sight across India…our people have shown remarkable dexterity in adapting to tech and innovation. https://t.co/Bl8EsPEshn— Narendra Modi (@narendramodi) 1674305719000
Absolutely Sir ! Pride of our India is acceptance and embracing technology by every citizen in country. Thank yo… https://t.co/ttnGDRDeDo— Vijay Shekhar Sharma (@vijayshekhar) 1674306941000
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
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
“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
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.
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