PhonePe has introduced a digital-first registration facility on the Udyam Assist Platform (UAP), becoming the first fintech in India to roll out a complete end-to-end digital solution for its merchant base.
Formal identity for informal businesses
The initiative is aimed at bringing informal micro-enterprises (IMEs) into the formal economy by enabling them to secure Udyam Assist Certificates, which serve as a formal business identity. With this registration, micro-business owners can:
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Access government schemes
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Open business bank accounts
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Avail tax benefits
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Participate more actively in the digital payments and financial ecosystem
PhonePe has also signed an MoU with SIDBI to provide credit access to registered merchants by integrating lending solutions directly with the UAP.
The scale and impact
According to SIDBI, the Udyam Assist Platform has already issued over 2.75 crore certificates in the last two years. With fintech integrations like PhonePe, this number is expected to rise significantly, speeding up formalisation and easing credit flow to India’s small business sector.
How were businesses registering earlier?
Previously, Udyam Assist registrations were carried out through semi-digital or offline methods. Merchants had to depend on designated agencies and banks, often involving physical paperwork, intermediaries, and multiple visits.
With PhonePe’s digital-first facility, the entire process shifts online within the app, reducing paperwork and enabling faster certificate issuance.
