Global digital payments platform PayPal and the Federation of Indian Export Organisations (FIEO) inked a pact to promote exports while leveraging each other’s technology and experience.
PayPal will work with FIEO to educate SMEs on how to leverage global opportunities, help them receive money in a safe and timely manner with PayPal products like invoicing, and bring to them global best practices from across 200 markets.
Most small exporters from India tend to focus on the local market to steer away from the risks associated with operating in a global marketplace. Complicated shipping and exports procedures also serve as deterrents for this sector, which has very high potential. The awareness programmes will address some commonly faced challenges by SMBs and entail trainings to empower them with PayPal solutions tailored for this segment.
Dr Ajay Sahai, Director General and CEO of FIEO, hoped that the MoU would help FIEO to reach cottage industries, artisans, housewives, youths, MSMEs, and clusters, even in far-flung areas to develop their orientation towards exports.
“Paypal products like invoicing solutions, safe and trusted payment options for buyers, and easy integration with existing business systems will help encourage entrepreneurs and startups alike to take to exports without any difficulty, without much technical knowhow. All these are in line with the Prime Minister’s vision of Make in India, Digital India and empowering the youth for startup encouragement with export orientation,” he added.
PayPal claims to be the only payment platform to have partnered with the FIEO to plan engagement activities for Indian SMEs and freelancers.
Anupam Pahuja, Managing Director and Country Manager, India, PayPal, highlighted that the collaboration will strongly focus on training Indian SMEs in various aspects of exports and familiarise them with global growth opportunities.
“Certain inherent challenges have deterred the Indian SME sector from performing to its true potential. Our programmes and seminars will debunk myths and simplify the entire ecosystem for SMEs. FIEO’s members contribute to more than 70 perent of India’s exports and we look forward to leveraging our partnership to strike a global chord,” he added.
The partnership is aimed at strengthening the government’s agenda of Make in India and Digital India, enable international transactions, and educate SMEs and exporters to leverage technology.