Retail giant Walmart’s India arm, Walmart India, has partnered with digital payments platform PhonePe to provide UPI (Unified Payment Interface) payments service for its kirana store members across the country.
This partnership Walmart India’s more than 1 million best price members, mainly kiranas, will be able to draw funds from their bank account using the UPI payment option. However, the current partnership will only benefit shop owners registered with Walmart India’s best price stores. The US-headquartered company owns and operates 23 best price modern wholesale stores in India, offering nearly 5,000 items in a cash and carry wholesale format.
“The PhonePe payment system will help our members streamline their business processes and spend more time in their stores with customers,” said Walmart India president and CEO Krish Iyer.
Walmart-Phone expects that the initiative will greatly benefit kiranas and other small businesses that do not have a credit card, debit card or e-wallet, and relies on cash to purchases from Best Price stores.