Through the tie-up, Walmart has put more than 1 million Best Price members, mostly kiranas, to drive its offline transactions towards online payment adoption.
Mom-and-pop kirana shops or small retailers, which purchase goods from Walmart’s 23 Best Price Modern Wholesale B2B cash-and-carry stores, will now be able to pay through digital wallet PhonePe as well.
Walmart India and PhonePe today announced the tie-up that would allow kirana owners “to pay for their purchases via the PhonePe app or from a PhonePe wallet,” Walmart India and PhonePe said in a joint company statement today.
“The PhonePe payment system will help our members streamline their business processes and spend more time in their stores with customers,” Krish Iyer, President & CEO, Walmart India said.
Importantly, PhonePe was acquired by Flipkart in 2016 for an undisclosed sum even as Flipkart was acquired by Walmart for a whopping $16 billion to vie for e-commerce supremacy in the battle against Amazon.
The current partnership, however, will only benefit shop owners registered with the Best Price Stores.
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, the company said.
Through the tie-up, Walmart has put more than 1 million Best Price members, mostly kiranas, to drive its offline transactions towards online payment adoption in India. PhonePe has recently crossed 1 million-mark of offline merchants on its platform.
The cooperation with Walmart India is set to accelerate PhonePe adoption by kiranas and other small businesses, and help introduce them to digital payments, the company said.
“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,” Sameer Nigam, CEO & Founder, PhonePe said.
PhonePe has recently ventured into wealth management space under a new entity named PhonePe Wealth Services to reportedly offers insurance and mutual funds services this year. Paytm, on the other hand, had launched wealth management services last year.
Earlier this month Paytm Payments Bank said its users will now be able to seamlessly invest in mutual funds through Paytm’s MF investments platform Paytm Money.