Fintech giant Paytm signs MoU with Andhra Pradesh govt.

One97 Communications Limited (OCL), which owns and operates Paytm, said it has signed an MoU with the Andhra Pradesh state government in the areas of industrial development, financial Inclusion, public health, cyber security and prevention of financial fraud.

As part of its mission to integrate 500 million Indians into the formal economy, Paytm intends to equip merchants, street vendors, and small businesses with the ability to accept digital payments and provide them with access to loans from its lending partners.

The payment app's users will have access to e-government services, and the Andhra Pradesh government departments will be enabled to receive digital payments from citizens and businesses. Additionally, The fintech giant has proposed the implementation of digital payment acceptance at toll plazas throughout the state.

Paytm has put forth a proposal to work in conjunction with the state health authority as part of the upcoming Unified Health Interface (UHI) initiative, with the aim of streamlining OPD appointment booking processes at both government and private hospitals.

In keeping with its commitment to encourage safe and secure digital payments, Paytm intends to provide cyber security training to Andhra police personnel and initiate a joint campaign to promote awareness of best practices among citizens, with a particular focus on those living in rural areas.

Vijay Shekhar Sharma, Founder & CEO of Paytm, said, "We are happy to partner with the government of Andhra Pradesh in their journey of sustainable development through inclusive growth. We are fully committed to driving financial inclusion at the last mile and this partnership is a step in that direction. We will continue to empower the people of the state by enabling lakhs of small businesses with mobile payments and access to various financial services.”

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