India MSMEs is approx 6.3 crore. 30,00,822 are Udyam Registration portal registered as per the MSME Ministry data. Registered micro-enterprises = ~ 28 lakh (93%). Small enterprises = 1.78 lakh (6%). Mid-sized enterprises = 24,657(1%). The Indian MSMEs sector contributes about 29% towards the GDP via both national and international.
However, the outbreak has pushed businesses to reorient their payments operations and customer interactions. Small and medium-sized enterprises (SMEs) are increasingly aware of the available payment solutions. They are motivated to encourage the use of those that best serve their needs and their customers. However, while old tenets still hold true—scale still matters, and “owning” the customer relationship remains essential. For instance—sticking to them is no longer sufficient to ensure success. The absorption of payments into the full commercial/consumer purchase-to-pay journey has given rise to ecosystems demanding new, more robust services, for example, commerce facilitation rather than a discrete payment experience.
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