Latest news with #MSMEDigitalIndexReport
Time of India
2 days ago
- Business
- Time of India
Small businesses go online: More than half of MSMEs prefer UPI transactions; women lead in Aadhaar banking
Almost half of the micro, small and medium enterprises (MSMEs) surveyed across India prefer UPI as their main way to handle transactions and grow their business, a new report by PayNearby has revealed. The MSME Digital Index Report found that 48% of respondents chose UPI as their most preferred payment method, followed by Aadhaar-enabled banking at 39%. Among women entrepreneurs, Aadhaar banking was even more popular, with 42% favouring the secure system that uses fingerprint or face recognition, PTI quoted the report. The survey covered 10,000 individuals and MSMEs working in retail-focused sectors such as kirana shops, mobile recharge outlets, chemist stores, customer service points (CSPs), and travel agencies. It also showed that smartphones have become the primary device for business operations, with 71% of all respondents using them. Among women business owners, this figure went up to 84%. When asked about the benefits of going digital, one-third of MSMEs said they had seen better operational efficiency. Meanwhile, over 73% of small businesses in semi-urban and rural areas reported either increased income or smoother day-to-day operations thanks to digital tools. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Sensação de queimação nos pés? Insira essa receita ao acordar G!Saú Undo A small but growing number, 7%, have also started using automated or AI-powered solutions such as inventory management apps, automated billing, and customer engagement platforms. Anand Kumar Bajaj, Founder, MD & CEO of PayNearby, said, 'The MSME sector is the backbone of Bharat's economy, and the rapid adoption of digital tools such as smartphones, UPI, Aadhaar-enabled banking, and emerging AI workflows is proof that this segment is embracing modernisation.' PayNearby is a DPIIT-certified firm that offers branchless banking and digital services across the country. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
2 days ago
- Business
- Time of India
Nearly half of MSMEs polled prefer UPI for business transactions, says report
Academy Empower your mind, elevate your skills Nearly half of MSMEs surveyed prefer UPI as a mode of transaction to grow their business, followed by Aadhaar-enabled banking , says a to the MSME Digital Index Report by PayNearby , digital payments continue to gain strong acceptance among MSMEs, with UPI emerging as the most preferred mode of transaction at 48 per cent, followed by Aadhaar-enabled banking at 39 per women entrepreneurs, Aadhaar banking saw even higher preference at 42 per cent, reflecting increasing trust in secure, tech-enabled services such as fingerprint and face authentication, the report report is based a nationwide survey conducted among 10,000 individuals and MSMEs in retail-focused segments such as kirana stores, mobile recharge outlets, medical shops, customer service points (CSPs), and travel found that smartphones have emerged as primary business device at 71 per cent while among women, it is even higher at 84 per benefits from digital adoption, a third of respondents cited improved operational efficiency, while over 73 per cent of small businesses across semi-urban and rural India have seen increased income or improved operational efficiency as a result of adopting digital tools."A small but notable 7 per cent of respondents have begun exploring automated or AI-powered tools, including inventory apps , automated billing systems, and customer engagement platforms, mostly through third-party solutions," the report Kumar Bajaj, Founder, MD & CEO, PayNearby, said, "The MSME sector is the backbone of Bharat's economy, and the rapid adoption of digital tools such as smartphones, UPI, Aadhaar-enabled banking, and emerging AI workflows is proof that this segment is embracing modernisation."PayNearby, a DPIIT-certified company, is a branchless banking and digital network.
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Business Standard
2 days ago
- Business
- Business Standard
UPI leads digital shift as 48% MSMEs use it for business transactions
A new report shows nearly half of MSMEs now prefer UPI for transactions, highlighting a major shift towards digital tools to boost efficiency and income across small businesses Manikant Mishra New Delhi Nearly 50 per cent of MSMEs prefer UPI for business transactions, followed by Aadhaar-enabled banking, according to a new report. The MSME Digital Index Report by PayNearby shows that digital payments are seeing growing adoption among MSMEs. UPI was the most preferred method at 48 per cent, while Aadhaar-enabled banking followed at 39 per cent. Among women-led businesses, Aadhaar-based transactions saw even higher use at 42 per cent, highlighting increased trust in secure technologies such as fingerprint and facial recognition, the report said. The findings are based on a national survey of 10,000 individuals and MSMEs operating in sectors such as kirana stores, mobile recharge shops, medical stores, customer service points (CSPs) and travel agencies. Smartphones have become the main business tool for 71 per cent of users. Usage was higher among women entrepreneurs, at 84 per cent. When asked about the benefits of going digital, one in three respondents reported better operational efficiency. More than 73 per cent of small businesses in semi-urban and rural areas said they had either higher earnings or smoother operations after adopting digital tools. "A small but notable 7 per cent of respondents have begun exploring automated or AI-powered tools, including inventory apps, automated billing systems and customer engagement platforms, mostly through third-party solutions," the report said. Anand Kumar Bajaj, founder, MD and CEO of PayNearby, said: "The MSME sector is the backbone of Bharat's economy, and the rapid adoption of digital tools such as smartphones, UPI, Aadhaar-enabled banking and emerging AI workflows is proof that this segment is embracing modernisation." PayNearby is a DPIIT-certified company offering branchless banking and digital financial services.
Mint
2 days ago
- Business
- Mint
Nearly half of MSMEs polled prefer UPI for business transactions, says report
Mumbai, Jul 5 (PTI) Nearly half of MSMEs surveyed prefer UPI as a mode of transaction to grow their business, followed by Aadhaar-enabled banking, says a report. According to the MSME Digital Index Report by PayNearby, digital payments continue to gain strong acceptance among MSMEs, with UPI emerging as the most preferred mode of transaction at 48 per cent, followed by Aadhaar-enabled banking at 39 per cent. Among women entrepreneurs, Aadhaar banking saw even higher preference at 42 per cent, reflecting increasing trust in secure, tech-enabled services such as fingerprint and face authentication, the report said. The report is based a nationwide survey conducted among 10,000 individuals and MSMEs in retail-focused segments such as kirana stores, mobile recharge outlets, medical shops, customer service points (CSPs), and travel agencies. It found that smartphones have emerged as primary business device at 71 per cent while among women, it is even higher at 84 per cent. On benefits from digital adoption, a third of respondents cited improved operational efficiency, while over 73 per cent of small businesses across semi-urban and rural India have seen increased income or improved operational efficiency as a result of adopting digital tools. "A small but notable 7 per cent of respondents have begun exploring automated or AI-powered tools, including inventory apps, automated billing systems, and customer engagement platforms, mostly through third-party solutions," the report said. Anand Kumar Bajaj, Founder, MD & CEO, PayNearby, said, "The MSME sector is the backbone of Bharat's economy, and the rapid adoption of digital tools such as smartphones, UPI, Aadhaar-enabled banking, and emerging AI workflows is proof that this segment is embracing modernisation." PayNearby, a DPIIT-certified company, is a branchless banking and digital network.
Time of India
28-06-2025
- Business
- Time of India
73% MSMEs report business growth via digital adoption, led by UPI and smartphones: Survey
MUMBAI: The third edition of the MSME Digital Index Report, released on Saturday by PayNearby , a branchless banking and digital network, reveals that over 73% of small businesses across semi-urban and rural India have seen increased income or improved operational efficiency as a result of adopting digital tools. With smartphones becoming the dominant mode of business management and UPI emerging as the most preferred transaction method, the findings indicate a deeper, more confident shift towards digital enablement at the last mile. The third edition of the MSME Digital Index 2025 showcases digital consumption, tech awareness, behavioural patterns, and business transformation among micro-entrepreneurs, with a focus on gender representation. The insights were gathered through a nationwide survey conducted among 10,000 individuals and MSMEs in retail-focused segments such as kirana stores, mobile recharge outlets, medical shops, customer service points (CSPs), and travel agencies. Smartphone usage remains central to their operations, with 71% of respondents citing it as their primary business device. Among women entrepreneurs, this number is significantly higher at 84%, indicating rising comfort with mobile-led infrastructure in driving customer engagement. Daily internet usage continues to rise, with 69% respondents consuming between 2GB to 5GB of data, largely supported by mobile hotspots, with 86% spending around ₹500–₹1,000 per month on internet usage. Digital payments continue to gain strong acceptance among MSMEs, with UPI emerging as the most preferred mode of transaction at 48%, followed by Aadhaar-enabled banking at 39%. Among women entrepreneurs, Aadhaar banking saw even higher preference at 42%, reflecting increasing trust in secure, tech-enabled services such as fingerprint and face authentication. These channels offer transaction efficiency and payment convenience, while also helping them build digital credibility for improved access to formal credit in the future. The impact of going digital is becoming more tangible for small businesses. Of those reporting benefits from digital adoption, 33% cited improved operational efficiency. These insights point to a growing realisation among MSMEs that digital tools are not just convenient but critical for scaling businesses sustainably in a competitive market. Live Events As digital tools become more embedded in daily business, the role of language and ease of use becomes increasingly important. 56% of respondents prefer English for understanding and navigating platforms, followed by Hindi at 25%. Among women entrepreneurs, 38% expressed a preference for vernacular interfaces, highlighting the continued need for regionally localised, intuitive tech platforms that better reflect how Bharat operates. A small but notable 7% of respondents have begun exploring automated or AI-powered tools, including inventory apps, automated billing systems, and customer engagement platforms, mostly through third-party solutions. This emerging trend is reflected in the growing use of structured digital workflows such as transaction reports, WhatsApp-based follow-ups, and service-wise earnings tracking. It marks a shift toward more efficient, process-driven ways of working. These early signals point to rising curiosity and readiness among small businesses to explore advanced tools, as solutions become simpler to understand and use. A growing number of respondents, both men and women, are actively building their skills to use these tools more effectively. Around 26% of respondents reported attending some form of training, whether through local community programs, online tutorials, or partner-led workshops. This reflects a shift from passive adoption to active learning, with small businesses showing increasing interest in building digital skills for long-term success. Among women respondents, 79% reported that digital adoption had a measurable positive impact on their business performance. Nearly half said that access to digital services enabled them to contribute more actively to household finances, make independent decisions, or expand their customer base. Beyond financial gains, many also cited improved confidence in managing their businesses digitally, marking an early but important shift in long-term behavioural and social change. The use of business software among MSMEs continues to evolve. Accounting tools are now used by 30% of respondents, followed by 18% using point-of-sale (POS) systems and 13% adopting customer relationship management (CRM) platforms. POS usage among women respondents has shown a notable increase, with 22% reporting adoption. YouTube continues to be the most preferred entertainment platform, with 70% of respondents using it during leisure hours. Beyond entertainment, it is also widely accessed for learning, how-to videos, and brand-related content. WhatsApp and WhatsApp Business remain the most commonly used communication tools for business purposes across both male and female respondents, supporting activities such as product promotions, customer engagement, and order coordination. While the social and entertainment app landscape continues to evolve, the choice of platforms increasingly reflects business intent. Anand Kumar Bajaj, Founder, MD & CEO, PayNearby, said in a statement, 'The MSME sector is the backbone of Bharat's economy, and the rapid adoption of digital tools such as smartphones, UPI, Aadhaar-enabled banking, and emerging AI workflows is proof that this segment is embracing modernisation. What stands out is not just usage, but growing digital confidence across the country. That confidence is enabling entrepreneurs to operate more efficiently and tap into formal financial systems with ease and transparency.' Jayatri Dasgupta, CMO, PayNearby and Program Director, Digital Naari, said in a statement, 'This year's report highlights the growing participation of women in the digital economy, particularly across financial services and customer engagement. As more women take on entrepreneurial roles, it becomes essential to design solutions that are localised, easy to use, and built for convenience. Their engagement is creating tangible outcomes not just for their businesses but for their communities, accelerating change where it is needed most.' She added that women respondents, who accounted for 34% of this year's sample, are demonstrating greater confidence in managing their business digitally.
