Gurgaon and Bangalore, February 26, 2019: Walmart India, wholly owned subsidiary of Walmart Inc., and PhonePe, one of India’s fastest growing payments platforms, today 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 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.
Mohammad Khader Hussain, a Hyderabad kirana business owner and member of Best Price Store, Hyderabad, said, “PhonePe is an added benefit as I can pay directly and instantly at a Best Price store now. It is a secured payment method and I will not have to stand in queues in the bank. I can therefore spend more time at my store and take care of my customers.”
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.