Nearly half of MSMEs polled prefer UPI for business transactions, says report

Mumbai prefers almost half of the MSMEs participating in the 5th of July (PTI) as a transaction mode to enlarge their business, and then Aadhaar Banking, a report.

According to Paynearby’s MSME digital index report, digital payments continue to be strongly accepted among MSME and the UPI is the most preferred transaction mode at 48 percent, and at 39 percent, Aadhaar followed banking.

In the report, 42 percent of women entrepreneurs reflected increased confidence in safe, technology -specific services such as Aadhaar banking, fingerprint and facial identity authentication.

The report is based on a country -wide survey between 10,000 people and MSME in retail -oriented segments such as Kenta stores, mobile charging sales, medical stores, customer service points (CSPs) and travel agencies.

71 percent of smartphones emerged as the primary business device, while 84 percent among women found that it was even higher.

On the benefits of digital adoption, one -third of the participants stated that operational productivity increased, while more than 73 percent of small enterprises in semi -urban and rural India have seen increased income or improved operational efficiency as a result of the adoption of digital vehicles.

In the report, “a small but remarkable 7 percent of the participants began to explore automatic or AI -supported vehicles, including inventory applications, automatic billing systems and customer participation platforms.

“The MSME sector is the backbone of the Bharat economy and the rapid adoption of digital vehicles such as Bharat economy, UPI, Aadhaar Banking, is the proof that this segment embraces the modernization of this segment.”

Paynearby, a DPIIT certified company, is a branchless banking and digital network.