SBI and HUL partner to transform retailer payments digitally

By: |
October 01, 2020 2:57 PM

The partnership will enable digital solutions for retailers and customers of HUL

digital payment, real time payment, digital india, narendra modiWhile the volume of real-time transactions doubled this year, the value of transactions grew by 80 percent

State Bank of India (SBI) and Hindustan Unilever Limited (HUL) have joined hands to cater to the needs of small retailers by providing them digital payment and financing solutions. This partnership will help digitally empower HUL retailers and distributors through SBI’s customized solutions. Under this collaboration, the bank will offer an instant paperless overdraft facility of up to Rs. 50,000 to retailers for their billings with distributors as well as financing facilities to HUL’s distributors.

Further, to ensure customers get the option of digital payments in smaller towns as well, the bank will install SBI Point of Sale machines at multiple HUL touchpoints across the country. Additionally, SBI will provide UPI based solutions to HUL retailers for hassle-free, safe and instant cashless payments to their dealers from HUL’s retailer application “Shikhar”. The Bank will also offer HUL employees the option of a corporate salary package via an SBI microsite hosted on HUL’s intranet.

According to Rajnish Kumar, chairman, SBI, the banking company has got an opportunity to leverage its strong geographic presence and strategic digital solutions to simplify the financial needs of HUL’s customers, retailers, dealers, and employees. “We are confident that our alliance with HUL will turn out to be an exemplary amalgamation of SBI’s banking prowess and HUL’s inspiring customer connect,” he added.

Our partnership with SBI is a push to provide digital solutions to important constituents of our ecosystem, Sanjiv Mehta, chairman and managing director, HUL said. “General trade is a very important channel for the country as it serves the needs of millions of consumers by making essential products available. This channel also plays a significant role in our economy by creating employment opportunities for a wide spectrum of people. It is our endeavor to digitize and modernize this channel; support the retailers with the right assortment and enable them to access timely and affordable funding. The timing of the partnership could not have been better as this addresses one of the key needs for retailers and distributors, given the economic fallout of the pandemic,” he elaborated.

The partnership between the two companies will catalyze the adoption of digital (UPI) payments among small-scale entrepreneurs and retailers in the farthest corners of the country and pave way for a truly transformative leg of the digital India journey.

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