Walmart's B2B eCommerce operations in India have enhanced business-to-business payments functionality as the retailer activated unified payments interface (UPI) for its members.
Reports in the Times of India on Thursday (Aug. 16) said that Walmart India's B2B eCommerce site, http://www.bestprice.in/, can now support direct online payments between buyers' and suppliers' bank accounts, without the parties having to share bank account information.
Walmart said the feature will be particularly useful to under-banked kiranas, or resellers, who don't have a debit card or credit card and cannot visit a bank branch to initiate an RTGS (real-time gross settlement) payment. UPI adds to the list of existing payment technologies supported by Walmart's B2B eCommerce operation, including credit and debit cards, net banking and eWallets.
"This initiative reiterates our commitment to enable small businesses, especially kiranas, [to] prosper," said Walmart India's Chief Corporate Affairs Officer Rajneesh Kumar in a statement. "This payment solution will help our members spend more time with their customers and serve them better, as they do not have to step out of their stores to visit banks for making payments."
Kumar added that support of UPI will boost electronic payment volume and support the nation's ongoing efforts to move away from cash and embrace a digital economy. UPI launched in India two years ago as a way to support mobile- and email-initiated payments.
Walmart has been expanding its B2B eCommerce efforts in India for several years, more recently striking partnerships with MartJack, MobiKwik and iEnergizer to launch a mobile solution for small- and medium-sized businesses looking to procure goods through their smartphones. With the Best Price mobile app, SMBs can search for items and make purchases on their mobile devices, with MobiKwik supporting mobile payment on the platform using MobiKwikWallets.
