New Delhi, Aug 2 (KNN) The Federation of India Micro and Small & Medium Enterprises (FISME) in partnership with Tamil Nadu Small and Tiny Industries Association (TANSTIA) organised a virtual panel discussion on how MSMEs in Southern India are revamping and expanding their businesses by adopting smart digital payment channels. 

Speaking on how MSMEs are benefitting from digitalization, Anil Bhardwaj, Secretary General, FISME, said, “The impact of the government’s push for digitization and e-commerce has been multifold. Due to technological advances, MSMEs are leveraging digital systems of payments such as Amazon Pay, to make day-to-day business transactions convenient for customers.”

“Tamil Nadu has been a breeding ground for businesses with new and innovative ideas. Digital platforms like Amazon have enabled businesses to blossom, providing an alternative route and helping adopt ambivalent models of payment. This has enabled merchants to provide a convenient, instant, and rewarding offline shopping experience to their customers.” Ramaseshan R., CA, Director - BHI Capital and Executive Member of the Tamil Chamber of Commerce said when asked about how the digital platforms have enabled ease of doing business for small players.

During the discussion, Girish Krishnan, Director, Amazon Pay Rewards, stated, “Customers trust their offline retailers because of touch and feel. But offline retailers face the challenges of affordability, credit options, payment problems, and merchant services. With our Smart Store program, we aim to offer a contactless way for customers to discover products at local shops, make easy payments, get EMIs, and earn rewards using Amazon Pay.”

“We have created a digital storefront for shops, enabling customers to discover products, read reviews, and evaluate offers using the Amazon app. This is helping thousands of merchants drive additional footfalls to the store and strengthen their customer loyalty relationship through value adding propositions, wide range of payment options, and exclusive brand/bank offers,” he added.

B. K. Anand, Vice President of Viveks highlighted the role of Amazon Smart Store in building a bridge between offline buyers and sellers by acting as a facilitator.

The recent advancements in technology is playing an important role in lowering the barriers between the offline and the online world. It has provided businesses with a platform that is convenient for both sellers and consumers.

More than 4,000 local retailers from Southern states including Tamil Nadu, Andhra Pradesh, Telangana, and Karnataka have adopted these smart payment channels, witnessing a 10 per cent – 15 per cent upliftment in the overall sales.  (KNN Bureau)