Walmart India is collaborating on a commercial card solution for its business wholesale customers.
Reports in the Economic Times of India on Monday (Dec. 2) said Walmart India is partnering with HDFC Bank to launch a co-branded credit card for the business members of the retailer’s Best Price Modern Wholesale “B2B Cash & Carry” stores. The card is offering “free credit” for 50 days after purchase, reports noted.
“I think, for our members, it is absolutely momentous … because this is the first time our members in the kirana segment … in the offices and institutions segments and all our small resellers will be able to avail credit through digital,” said Krish Iyer, president and CEO of Walmart India, in an interview with the publication. Kirana stores are small, locally-owned retail stores.
He added that Walmart plans to broaden its B2B footprint across India.
In an official statement about its partnership with HDFC Bank, Walmart added that the card solution “will help the members streamline their business processes and spend more time in their stores and serve their customers.”
Business buyers can use the card in store as well as through Walmart’s online Best Price platform and other procurement solutions.
“Small and medium enterprises are the backbone of the Indian economy,” added HDFC Bank Country Head, Payments Business and Marketing Parag Rao in another statement, according to Inc42 reports. “We are therefore delighted that we have this special card offering exclusively for retailers in this segment, which will give them easy access to credit for all their business expenses with exceptional rewards.”
Reports said those rewards include cash back on purchases and additional savings based on annual expenditure.
Earlier this year Walmart India launched PhonePe as a B2B payment option for Walmart India’s Best Price Modern Wholesale “B2B Cash & Carry” stores, allowing business owners to pay for purchases using their mobile phones as well as online.