Reports in Business Standard on Thursday (April 5) said PayPal is working with the trade organization to promote small businesses’ export operations; the tie-up will also link SMBs to technology and experience offered by both PayPal and the FIEO via seminars and sponsored programs.
“The MoU (Memorandum of Understanding) will help FIEO to reach the cottage industries, artisans, housewives, youths, MSMEs [(micro, small and medium enterprises)] and clusters, even in far-flung areas, to develop their orientation towards exports,” said FIEO Director General and CEO Ajay Sahai in a statement.
PayPal India Managing Director and Country Manager Anupam Pahuja added that the agreement “will essentially focus on training India SMEs in various aspects of exports and familiarize them with global growth opportunities.”
“Certain inherent challenges have deterred the Indian SME sector from performing to its true potential,” the PayPal executive continued. “Our programs and seminars will debunk myths and simplify the entire ecosystem for the SMEs.”
Last year, PayPal enhanced its presence in India through the launch of technology Innovation Labs in the country, a move similarly made to support startups and small businesses in the market.
“India is a hotbed for innovation, given its evolving [FinTech] startup ecosystem, diverse merchant profiles and enormous talent pool,” said Michael Todasco, director of innovation, PayPal, in reports last August. “To cater to their needs in the most effective manner, we are delighted to announce the launch of our newest Innovation Lab in India, where the focus will be on fueling new-age technology and giving rise to unconventional ideas with the potential to transform the ecosystem we operate in.”
Payments firms and FinTechs have flocked to the India SMB segment in recent months and years, particularly following 2016’s demonetization policy that disrupted micros and small businesses that had previously relied on cash.