B2B Payments

Walmart B2B E-Commerce Arrives In India

Walmart India announced last month that it would soon be bringing B2B e-commerce options to the nation. At the time, Walmart India’s CEO Krish Iyer told Reuters that his company can address a $50 billion market out of the total $300 billion worth Indian wholesale market.

Well, it is now time to meet that goal, as according to a Walmart India announcement, B2B e-commerce has arrived in the nation.

The Wall Street Journal reported that the online services will be offered only to registered members of its wholesale, cash-and-carry stores in the Indian cities of Hyderabad and Lucknow. With the new stores, Walmart explained in a statement that staff members can now deliver goods to customers in 24 hours.

The Journal reported that Wal-Mart has had to slow its expansion in India as restrictions on foreign investment have made it difficult for the company to be competitive. For example, Walmart is allowed to retail in the country only as cash-and-carry, not as a multi-brand retailer.

However, the outlook is positive. The Journal cited data from Technopak Advisors, which predicts India’s online retail market could grow as much as 16 times in the next five years to $38 billion.

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The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.

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