DPIIT works on payment-financial solutions
Paytm of the One97 Communications Limited will provide mentorship, infrastructure support, market access, and funding opportunities to startups, helping them scale and innovate under an MoU signed with the Department for Promotion of Industry and Internal Trade (DPIIT).
Paytm aims to equip entrepreneurs with essential resources, enhancing their ability to develop cutting-edge payment and financial technology solutions, said DPIIT which is working on fostering innovation and accelerate the growth of manufacturing and fintech startups in India https://digitalinasia.com/.
The DPIIT-Paytm partnership aims to support fintech hardware startups through mentorship and innovation guidance, helping them develop and scale payment and financial technology solutions.
It also focuses on regulatory and compliance assistance by organizing workshops and providing guidance in collaboration with industry and government bodieshttps://www.meity.gov.in/.
Additionally, the partnership offers infrastructure and market access support, enabling startups to test, validate, and refine their products while leveraging Paytm’s extensive merchant network.
The MoU was signed on 26 Feb by DPIIT Director Dr Sumeet Kumar Jarangal and Paytm Founder & CEO Vijay Shekhar Sharma in the presence of senior officials from both organizations.
DPIIT Joint Secretary Sanjiv emphasized the significance of this collaboration, stating, “This partnership with Paytm marks a crucial step in strengthening India’s startup ecosystem. By leveraging Paytm’s fintech expertise and infrastructure, we aim to support entrepreneurs in overcoming challenges, scaling their ventures, and contributing to India’s emergence as a global innovation hub https://www.fintechcouncil.in/.”
Sharma underlined, “Paytm is committed to empowering entrepreneurs through mentorship, financial support, and access to cutting-edge technology. Through this collaboration, we will ensure that startups receive the necessary tools to succeed from inception to growth https://sbi.com.in/.”
As part of its Paytm for Startups initiative, the Indian multinational financial technology company will launch dedicated programs to support fintech hardware manufacturers, such as Soundbox and PoS/EDC device makers, in scaling efficiently.
These initiatives include mentorship programs, access to funding through investor connections and incubation programs, regulatory guidance with industry-focused workshops, and periodic tracking and impact assessments. Additionally, through its CSR arm, Paytm Foundation, the company is nurturing deep-tech startups in Climate Tech, Web3, Agritech, and Mobility https://www.makeinindia.com/home/.
With this collaboration, DPIIT and Paytm reaffirm their commitment to positioning India as a global innovation hub, fostering technological advancements, and driving economic growth, the Ministry of Commerce and Industry said. fiinews.com
