The
COVID-19 crisis was the major crisis that had ceased the whole world and also
had lowered the economy of India as well as other nations in the world. This is
was a dangerous situation that no one had faced in the previous years.
Seriously, technology also had the organizations as well as the people to live
in this situation as there was no flow of cash. The technology of Digital
Payment was the one best method that was used in these situations.
Technology for MSME (Micro, Small &
Medium Enterprises):-
We every
one knows that the micro and the small organizations are the backbones of every
nation's economy. And our MSME ie Micro, Small & Medium Enterprises is the
one that is for India. Nitin Gadkari has stated that the MSME contributes
nearly about 30 percent of GDP (Gross Development Product ) of India. And also
the MSME export nearly about 48 percent of the goods. After the initiation of
GST (Goods and services tax), the taxation process had been simplified as the
17 taxes had been simplified to only one of the tax systems and it has impacted
more on the MSME sector.
A number
of banks and Fintech companies are now offering the best digital banking and
payment solutions for the people that are into the business either from the
micro, small, or any enterprise.
Due to the
COVID-19, most people had shown an interest in the technology of digital
payments. Digital Payments can be the best platform for organizations such as
micro, small and medium enterprises as well as the people to pay their
transactions. The technology of Digital Payments can help the organization as
well as the people to tackle the situation like the COVID-19 and the
Demonetization. This type of technology can help people to save their time.
Just it all need the best secure platforms and infrastructure and now there are
many platforms in the market that offers
According
to the MSME 2019 report of Instamojo, it states that 20 percent of the MSME had
seen the value from the customer preference for Digital Payment technology,
synchronization, and security. The RBI (Reserve Bank of India) and the NCPI
(Reserve Bank of India) has made a great effort to offer a number of benefits
to the MSME. A number of MSME Registration organizations did not have the proper
infrastructure and due to the lack of resources, they had not digitized their
organizations. And most of the MSMEs are not aware of the benefits and the
solutions the Digital payments provide. Even the organization is not aware of
the ease the Digital Payments provide.
The
Government is also trying to help the organization to install the basic
infrastructure for the Digital Payment Technology as most of the organization
does have the basic infrastructure and the capital to incorporate the system of
the technology of Digital Payments. And now, some of the digital wallet
platforms are also trying to offer credits up to Rs. 5,00,000 and also offering
EMI schemes or any of the merchants.
Conclusion:-
The MSME
is the backbone of the Indian economy and the Government and the different
organizations are trying to help the MSME organizations to use the benefits of
Digital Payment Technology as the people are also now aware of Digital Payment.
And most people are now interested to pay for their transactions online using
Digital Payments.
