India, April 2 -- MSMEs, or micro, small, and medium-sized businesses, are the backbone of any economy, playing a crucial role in GDP and employment. Over 110 million people are employed by MSMEs in India alone, contributing close to 30% of the country's GDP.

However, despite their significant impact, many MSMEs face financial obstacles, with inefficient payment procedures being among the most pressing challenges.

For years, MSME operations have largely relied on manual bookkeeping and cash transactions. While traditional methods are familiar, they come with serious limitations-including late payments, lack of transparency in financial records, and difficulty in accessing credit. In the digital era, these challenges can be overcome thro...