New Delhi: Paypal and FIEO have tied up in a bid to empower Indian SMEs for international trade.
Indian mainstream media just (in “hardly a couple of minutes”) announced that PayPal and FIEO had formed a partnership to assist small and medium-sized businesses (SMEs) in selling their products around the world without having to worry about being a victim of fraud.
A deal that was made between Paypal, a company that conducts business on a global scale, and the Federation of Indian Export Organizations, also known as FIEO, will make it possible for smaller and medium-sized companies in our nation to engage in commercial activity outside of the borders of our country. The purpose of this is to give them greater authority so that they can sell their wares in a secure and uncomplicated manner all over the world.
Both PayPal and FIEO put their names on the “memorandum of understanding,” also known as the “MoU.” It contains regulations that will teach small and medium-sized enterprises in India how to locate possibilities on the global market, make the most of such chances, and obtain payments from customers in other countries on time. In addition, it was discovered that PayPal would deliver bills to SMEs, which was something else specified in the MoU.
In an interview with reporters in New Delhi, Dr Ajay Sahai, Director-General and Chief Executive Officer of the Federation of Export Organizations, stated that this kind of agreement will assist FIEO in developing export-oriented artisans, cottage industries, homemakers, youth, micro, small, and medium-sized enterprises (MSMEs), clusters, and even people who live in remote areas of our country.
According to Anupam Pahuja, Country Manager and Managing Director of PayPal India, the primary objective of the Memorandum of Understanding (MoU) between PayPal and FIEO is to educate Indian small and medium-sized businesses about the exporting process. They will also be instructed on capitalising on the opportunities presented by globalisation.
In addition, Richard Nash, who serves in that capacity for PayPal Holdings Inc., was present at the occasion. He stated that they intend to maximise the benefits that can be gained from this relationship in India in every feasible way.
Over the past several years, PayPal has been highly active in developing programmes that assist business owners in expanding their operations to international markets and in persuading those business owners that it is now not only simple but also secure to send and receive payments in different parts of the world.