Mastercard has partnered with Bizom, a retail intelligence platform, to provide a comprehensive digital supply chain financing solution to micro retailers and distributors in India.
This collaboration aims to address the challenges faced by small retailers and distributors in the consumer packaged goods (CPG) industry, including supply chain disruptions, payment issues, limited technical skills and lack of access to capital, the companies said in a Tuesday (Oct. 10) press release.
India is home to over 64 million micro-, small- and medium-sized businesses, but only 14% of them have access to formal credit, according to the press release.
Recognizing this challenge, Mastercard and Bizom are working to provide micro retailers with the financial support they need to expand their operations, the release said.
Bizom, with its extensive network of retailers and distributors in the CPG industry, will leverage its Software-as-a-Service (SaaS) offerings to automate route-to-market operations, per the release. This automation will streamline processes such as inventory management, supply chain efficiency and operational performance.
Mastercard will enable micro retailers to adopt digital payment solutions, according to the press release. By connecting these retailers to lending partners, the company will also facilitate easy access to credit. Additionally, Mastercard will provide virtual card applications to retailers on the Bizom network, ensuring frictionless payments and simplified reconciliation processes.
Vikas Varma, chief operating officer, South Asia, Mastercard, said in the release: “With this collaboration between Mastercard and Bizom, micro retailers and distributors will embark on a journey of digitization that helps them get online, get paid and gain access to capital.”
Varma also highlighted the importance of ecosystem partnerships in bridging the credit gap. Through this partnership, Mastercard aims to bring together various stakeholders from both the demand and supply sides of the industry on a common platform to support small businesses.
Lalit Bhise, CEO of Bizom, said in the release: “Through this collaboration with Mastercard, Bizom’s digital trade credit service will offer instant financial support to these small entrepreneurs, enabling them to grow faster.”
In another recent development, Mastercard partnered with Indian supply chain finance platform KredX in September, saying the companies aim to streamline B2B digital payments. In this collaboration, Mastercard’s commercial card service will be integrated with KredX’s platform.
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