Walmart India, a wholly-owned subsidiary of Walmart Inc., and PhonePe, one of India's fastest growing payments platforms, has 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.
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 the Best Price store now. It is a secure 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."
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 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."
Sameer Nigam, CEO & Founder, PhonePe, added, "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 the B2B e-commerce platform is a step in that direction. 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."