The agenda of the partnership shall be to focus on:
a. The Indian government’s objectives of ‘Make in India’ and ‘Digital India’
b. Enabling international transactions
c. Empowering SMEs, entrepreneurs, artisans, startups
d. Conduct training and seminars for businesses to attune themselves to technology
Under this collaboration, PayPal will join FIEO to train SMEs on how to utilise professional opportunities and use technology for safe and smooth business. The SMEs will be exposed to international business practices across 200 markets. Indian SMEs will be trained to receive money in time through secure invoicing and also be assisted with solutions to complicated shipping and exports procedures so that small exporters could expand their focus from the local market and have the courage to operate at a global platform.
Ajay Sahai, Director General and CEO, FIEO said, “There is a long way to go before we could address the concerns of the exports sector in India. It’s replete with problems and so we are looking at soft solutions to simplify the complications. Technology can be the biggest game changer in this scenario. We are trying to reach artisans, entrepreneurs, startups, clusters, female entrepreneurs and housewives without technical knowhow and encourage them towards an export orientation. We will also reach out to far flung areas through technology. This will help us to increase the much-needed momentum in this sector.”
The collaboration is a huge leap for Indian exporters as FIEO is the country’s largest international trade promotion organisation wherein its members contribute to 70% of India’s exports and PayPal, which has been in India for more than 10 years focusing primarily on SMEs, registers 10 lakh money processions each second globally. Recently, PayPal digitised the Foreign Inwards Remittance Certificate (FIRC) process for Indian sellers and freelancers, which was until now a complex method done manually.
Speaking of the MoU with Paypal, the company’s Managing Director and Country Manager for India, Anupam Pahuja said, “Our programmes will change the entire eco system for SMEs. We will use this partnership to operate at a global level. These awareness programmes that we will schedule across India will address the problems that small businesses face and equip them with solutions and trainings that PayPal has tailored specifically for this segment. We will tell them what kind of products are important for which customers, what quality expectations they have and how to target them.”
Also present at the event was Richard Nash, the Vice President of PayPal, who mentioned, “Every year, we reach a payment volume of around 29 lakh crore and over the years we have earned the trust and respect of our client. We can assure that small businesses can have faith in us in matters of technology as we also have strict buyer protection and seller protection policy documents in place as well as our strict dispute resolution mechanism system. We are very confident of the potential that this partnership has and we look forward to channelising it.”