Walmart India, wholly owned subsidiary of Walmart Inc., and PhonePe, one of India’s fastest growing payments platform, announced that they have entered into a partnership to launch PhonePe as a payment option at Walmart India’s 23 Best Price Modern Wholesale “B2B Cash & Carry” stores. PhonePe will be also be available in all future Best Price Stores. PhonePe is part of the Flipkart Group, in which Walmart has a majority stake.
Under the new collaboration, registered members of Walmart India’s Best Price Stores across the country will now be able to pay for their purchases via the PhonePe app on their mobile phone, drawing on funds from a bank account using the secure Unified Payments Interface (UPI) or from a PhonePe wallet, third-party wallet, credit card or debit card. Registered members will be able to make payments with PhonePe in store, as well as via the Best Price online platform and assisted-ordering solutions.
With over one million Best Price members, mainly kiranas, now being introduced to PhonePe’s digital payments, the company is accelerating its push to drive offline transaction traffic as the next step for the adoption of digital payments in India. PhonePe recently surpassed one million offline merchants on its platform following partnerships with major retail chains across India. The cooperation with Walmart India is set to accelerate PhonePe adoption by kiranas and other small businesses, and help introduce them to digital payments.
PhonePe’s digital payment solutions complement other physical and digital payment options offered at Best Price Stores and make UPI payments available for the first time at Best Price Cash & Carry stores. With UPI, Walmart India members can instantly pay for their purchases directly from their bank account via PhonePe without sharing their bank details. This will greatly benefit kiranas and other small businesses that do not have a credit card, debit card or e-wallet, letting business owners save time by avoiding bank visits to transfer funds for purchases from Best Price Stores.
Announcing the launch, Krish Iyer, President & CEO, Walmart India said, “This initiative reiterates our commitment to help kiranas and other small businesses to prosper. UPI is the fasting-growing type of digital payment in India, providing convenience and a seamless experience to users. The PhonePe payment system will help our members streamline their business processes and spend more time in their stores with customers. By using PhonePe in our B2B cash-&-carry stores, our members are contributing to India’s growth as an efficient digital economy.”
Commenting on the partnership, Sameer Nigam, CEO & Founder, PhonePe said, “We have been working closely with the Walmart India team to deepen our ties, and the launch of PhonePe’s payment solutions in Best Price Stores and on www.bestprice.in, the B2B e-commerce platform, is a step in that direction. PhonePe has been aggressively expanding its merchant network among small businesses to enable them to accept digital payments. With this partnership, we will be able to help these businesses digitize all their payment transactions– from taking payments from consumers to paying at Best Price Stores for their own purchases.”
Offering innovations such as interoperable QR codes and a range of point-of-sale devices, PhonePe makes it easy for micro-merchants and other small businesses to make and accept digital payments. These offline partners can now accept UPI payments from their consumers through PhonePe’s interoperable UPI QR code solution. These offline partners also benefit from faster online payments and gain exposure to potential customers, since PhonePe users are directed to nearby PhonePe merchants from within the app.
Bengaluru-headquartered PhonePe is the fastest growing digital payments platform in India. With over 150 million users, the PhonePe app drives the highest number of merchant UPI transactions in India. Using PhonePe, users can send and receive money, recharge mobile, DTH, datacards, make utility payments and buy gold. PhonePe is accepted as a payment option across one million plus offline and online merchant outlets covering food, travel, groceries, movie tickets etc. PhonePe also offers microapps within its platform allowing customers to avail Ola, Myntra, IRCTC, Goibibo, redBus, Oyo, and Treebo.
About Walmart India:
Wal-Mart India Private Limited is a wholly owned subsidiary of Walmart Inc., the world’s leading retailer renowned for its efficiency and expertise in logistics, supply chain management and sourcing. Walmart India owns and operates 23 Best Price Modern Wholesale stores in 9 States across India and has integrated omni-channel that includes ordering through B2B e-commerce www.bestprice.in ; Best Price mobile app and customer service, in all stores. It has opened 2 Fulfillment Centres in India. The mission of Best Price is “Enabling businesses to prosper…every single member”. To enter and purchase from Best Price Stores, it is mandatory to become a member. Members can belong to different business categories such as Resellers (‘Kirana Stores’); Offices and Institutions (O&I); and Hotels, Restaurants and Caterers (HoReCa). The assortment, service and store layout are customized to the specific needs of members who can walk into a Best Price stores and source high quality products in quantities they need and at the time they require. More about the company at www.wal-martindia.in and follow on Twitter @walmartindia.