Noida: World Association for Small and Medium Enterprises(WASME) organised a half day Awareness Programme on “Digital Payments and Ease of Doing Business” in association with Laghu Udyog Bharti (LUB) on January 7, at WASME House, Noida. The aim of organising the programme was to empower the MSMEs to get right knowledge and experience various options of E Payments available in the market.
Eminent speakers from MSME Development Institutes (DI), banks and industry leaders participated in the awareness programme.
While welcoming the speakers as well as guests the Executive Director WASME Ms, Sampa Banerjee highlighted the significant initiatives being taken by WASME for development and support of MSMEs both nationally and internationally. WASME proactively provides much needed information, knowledge and expertise that will enable SMEs to overcome challenges.
Speaking on the occasion, Mr Rajan Garg, vice president Laghu Udyog said that digital payments are going to change the way of doing business.” He said digital payment will lead to easy and quick payments by the MSMEs. “This is a new era of business and these changes will only have a positive impact.
Mr Kanwaljit S. Ahluwalia, CEO, Sai FinTex, who was also the chief guest was of the opinion that digital payment system includes everything including the credit and debit card. There are several options of payment with the MSMEs but very few people have actually taken to digital payment mode. So the effort should be to make it easy and user-friendly. He further said that while E-wallets had limitations, UPI was easy to use as every user could create its own virtual address. He said since everyone does not have the smartphone, even people with featured phones can do with apps like BHIM, introduced recently by the Prime Minister.
Dr. Brejendra Choudhary, Assistant Director, MSME Development Institute Delhi speaking on government initiatives on digital payment specifically on Unified Payments Interface (UPI) said: “Government was taking lots of initiatives to help the MSMEs. Dr Choudhary said that the government had announced new policy regarding the credit guarantee scheme. It had increased the amount from Rs 1 crore to 2 crore”. On the issue of taxation, he said that the government had also reduced tax from 10 to 8 per cent on a turnover of Rs 2 crore.
Further he spelled out the benefits of digital payment by saying that by this the Indian economy will emerge stronger, the transaction costs will be reduced for the user and will have an impact on black money as well as fake currency.
Speaking on the topic of “E- Wallets Vs. Cash Payments” Mr. Sundararaj S, Chief Compliance Officer, Airtel Payment Bank stated that MSMEs are not really cash-driven and have some practical difficulties in rural and semi-urban areas.
Ms Kajori Dhar, Strategic Business Relationship Head, Sai Fintex. speaking on “Problems and Solutions” for using Digital Payments’ asked” are we ready for digital payment mode”. ‘In the SME sector only 26 per cent are using the digital payment “, she said.
All participants were enthusiastic and also discussed the security issues related to digital payments. The programme was attended by approximately 50 people.