Walmart India business to business (B2B) ecommerce platform called BestPrice has made improvements to how payments are made and received on the marketplace.
A new unified payents interface (UPI) is now available meaning that business buyers can now pay merchants directly on the site in a new way. Payments are made from bank account to bank account without the need to share sensitive financial information.
This is a honed response to a specific group of business shoppers in India called ‘kiranas’, or ‘resellers’ who are general traders. This group typically don’t have credit or debit cards and are unable to visit a bank branch easily. But they do have smartphones and often have bank accounts. Existing payment methods on BestPrice already include credit and debit cards and electronic wallets.
This initiative reiterates our commitment to enable small businesses, especially kiranas, to prosper. This payment solution will help our members spend more time with their customers and serve them better, as they do not have to step out of their stores to visit banks for making payments. With the expectation that the UPI system will boost online transactions, the initiative will certainly complement efforts to make India a digital economy.
– Rajneesh Kumar, Chief Corporate Affairs Officer, Walmart India
To use the UPI payment mode, Walmart India members need to log on to the BestPrice website or use the Android Mobile App, add items to the cart & select UPI option to make payment. They just need to enter their unique UPI ID and make payment on their mobile phone through UPI App.
Walmart India runs BestPrice which also has 21 cash and carry outlets in India and a dedicated fulfilment centre in addition to their online operations. Walmart is clearly keen to nail B2B ecommerce in India, as well as make advances on consumer online retail in the hotly contested Indian arena.
