PhonePe, SIDBI launch digital-first Udyam assist for micro-enterprises

India’s largest digital payments company, PhonePe, has taken a decisive step toward reshaping financial inclusion by launching a digital-first Udyam Assist Registration for informal micro-enterprises (IMEs). Announced at a Delhi event on September 10, the initiative makes PhonePe the first fintech in the country to offer a complete end-to-end digital solution for Udyam registration directly to its merchant base.

The launch was graced by Shri Jitan Ram Manjhi, Union Minister for MSME, along with senior representatives from the Small Industries Development Bank of India (SIDBI). By partnering with SIDBI, PhonePe aims to bridge the formalization gap for millions of small businesses that have so far operated in the informal economy.

Formal identity for India’s smallest entrepreneurs

For IMEs, formal registration has often been an uphill battle, tied up in paperwork and dependent on intermediaries. PhonePe’s integration with the Udyam ...