Paytm inks MoU with Arunachal Pradesh for creating startup ecosystem

Paytm Payment Services Limited (PPSL) on Thursday signed an MoU with Arunachal Pradesh Innovation and Investment Park (APIIP) to create a startup ecosystem for the youth in the northeastern state, officials said.

According to the MoU, Paytm Incubation Centre will provide its product to early-stage startups at a discounted price and offer free credits through the Paytm Startup toolkit to aid the business ventures of youths in their early stage of growth.

This will nurture the startup ecosystem in the state and motivate the young entrepreneurs, an official communiqu informed here.

The MoU was signed at the Arunachal Pradesh Innovation & Investment Park, the first state-owned marquee incubator here in the presence of its CEO Tabe Haidar.

"We are happy to partner with the government of Arunachal Pradesh in its journey to create a vibrant startup ecosystem. At the Paytm Incubation Centre, we strive to catalyse the startup ecosystem in India and help young entrepreneurs gain new user acquisition, access funds and more facilities, the spokesperson of Paytm Payment Services said.

"Our comprehensive platform helps businesses to expand their digital presence with quick integration of payment, brand and commerce solutions," he added.

Paytm is India's payment app, which offers consumers and merchants payment services. It is a pioneer of mobile QR payments in the country.

It enables commerce for small merchants and distributes various financial services offerings to its consumers and merchants in partnership with financial institutions, the communiqu added.