The Department for Promotion of Industry and Internal Trade (DPIIT), under the Ministry of Commerce & Industry, has entered into a landmark partnership with fintech leader Paytm (One97 Communications Limited) through a Memorandum of Understanding (MoU) poised to boost hardware manufacturing and knowledge enhancement within India’s blooming fintech startup ecosystem.
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The MoU was officially signed by Dr. Sumeet Kumar Jarangal, Director, DPIIT, and Vijay Shekhar Sharma, Founder & CEO of Paytm, in the presence of senior officials from both organizations. Paytm has been a key figure in India’s financial digital landscape, driving innovation and transformation with regards to digital payments and its dissemination to the masses.
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Paytm has revolutionized digital transactions through innovative products such as digital wallets, UPI payments, PoS devices, and Soundbox technology. With its vast merchant network and robust infrastructure, Paytm is well-positioned to support fintech startups by providing them with opportunities in line with best global practices.
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The programs under the initiative shall also provide incubation support and mentorship for entrepreneurs while funding access through investor connections and assist in navigating regulatory compliance through industry-specific workshops.
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Additionally, Paytm will conduct periodic tracking and impact assessments to ensure that startups receive the necessary support to scale their innovations effectively.
Beyond fintech hardware, Paytm is extending its support to deep-tech startups through its CSR arm, Paytm Foundation. The foundation is actively involved in nurturing startups in sectors such as Climate Tech, Web3, Agritech, and Mobility. By fostering technological advancements in these emerging areas, Paytm aims to contribute to India’s broader economic growth while ensuring that innovative ideas receive the necessary resources to thrive.
Sanjiv Singh, Joint Secretary in DPIIT highlighted the significance of the partnership in strengthening India’s startup environment, specifically to support growing entrepreneurs to overcome hurdles and scale up their ventures.
The MoU is significative of the benefits that a synergy between the Government and private sector entities can bring about to effectively navigate and implement policy-requirements and innovation to create ecosystems for growth.
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