Andhra Pradesh Medtech Zone (AMTZ), the ultra-modern manufacturing hub for medical devices in Visakhapatnam, has added another feather in its cap by aiming to become the first cashless economic zone in the country.
AMTZ on July 8 signed a Memorandum of Understanding (MoU) with One97 Communications Limited, which owns and operates the Paytm online platform and the Paytm app.
The MoU with Paytm will enable medical device manufacturing companies to do cashless transactions related to scientific tests and works, trading, payments for general and social services in the AMTZ zone.
AMTZ, which came into being on August 19, 2016 with the foundation laying ceremony has been on top of strategy and operations with several manufacturing units bee-lining into a basket of one of its scientific infrastructure.
Paytm, which has witnessed daily transacion on its platform soaring high following demonetisation drive, is the country’s most popular digital transaction portal.
The MoU between AMTZ and Paytm is first of its kind partnership between an industrial hub and a transaction platform.