New Delhi, July 10 (KNN) Instamojo, an online payment and e-commerce platform for Micro, Small & Medium Enterprises (MSMEs) is targeting to double enrolments to 10 lakh by the end of this year.

The company, which has enrolled 5 lakh MSMEs on its platform, is now aiming to double enrolments by end of this year, said Sampad Swain, co-founder and CEO, Instamojo Technologies.

The company said in a statement, “Of late there had been faster adoption of electronic payments in the sector even from tier 2 and tier 3 cities.”

Stating MSMEs form the backbone of Indian economy contributing to 8% of the GDP each year, Swain said that adopting digital modes of payments is a biggest challenge for MSMEs.

He said we have played an active role in digitizing payments for the MSME sector, through our flagship product- the online payment link.

We have already enrolled half a million MSMEs and target to a total of 1 million by the end of this year, he added.

Speaking about easing the hassles, he said “With our various products and services, we are working towards digitizing and easing the process of payments for these companies.”

Also, we provide secured environment to MSMEs by not only assisting them with accepting online payments but also contribute with easier on-boarding, building up web-stores and ensuring optimum levels of cyber security for the transactions to take place.

The firm has introduced ‘Free payments’ to all merchants using NEFT.