Walmart India, HDFC Bank announce co-branded credit card exclusively for over 1 million â€˜Best Priceâ€™ members
Kolkata/IBNS: Walmart India, the wholly owned subsidiary of Walmart Inc., has partnered with HDFC Bank Ltd. to launch a co-branded credit card exclusively for members of its Best Price Modern Wholesale “B2B Cash & Carry” stores.
The co-branded credit card was launched here today at `Best Price’ Store by Krish Iyer, President & CEO, Walmart India and Parag Rao, Country Head, Payments Business and Marketing, HDFC Bank.. Annie Zhang, Regional Managing Director APAC for Discover was also present at the event. Simultaneously, the card was launched at 26 other `Best Price’ Modern Wholesale Store locations pan India.
Under the new collaboration, registered members of Walmart India’s ‘Best Price’ across the country will now also be able to pay for their purchases via the exclusive co-branded credit card, in addition to other payment solutions already available to them. They will be able to make payments with the exclusive card in store, as well as via the Best Price online platform www.bestprice.in and assisted-ordering solutions. With over one million members, mainly kiranas, now being introduced to the co-branded card, the company is accelerating its push to adoption of digital payments in India.
The co-branded card will offer `Best Price’ members rewards and cashback on all purchases, along with additional savings on annual spends. The card comes in two variants. The entry level card is known as Best Price Save Smart and offers annual savings of up to Rs 14,250 subject to certain spends. Likewise, the premium variant is known as the Best Price Save Max card and offers annual savings of up to Rs 40,247. The card will be supported by Diners Club International, a business unit of Discover Financial Services and will help Best Price members to simplify and manage their business spends, all while enjoying unique privileges and offers.
Announcing the launch, Krish Iyer, President & CEO, Walmart India said, “This partnership reiterates our commitment to help our members, especially kiranas and other small businesses to prosper. This will help the members streamline their business processes and spend more time in their stores and serve their customers. By making payments through cards, our members are contributing to India’s growth as an efficient digital economy. We are delighted indeed to be taking steps in creating shared value in the country.”
“Small and medium enterprises are the backbone of the Indian economy. We are therefore delighted that we have this special card offering exclusively for retailers in this segment, which will give them easy access to credit for all their business expenses with exceptional rewards,” said Parag Rao, Country Head, Payments Business and Marketing speaking at the launch event. “As the country’s leading credit card issuer it is our endeavour to launch a credit card for every Indian and this includes business users. We are confident this card will allow us to meet their evolving needs.”
“Our agreement with HDFC Bank and Walmart India will provide their Best Price members convenient payment solutions and the ability to use the co-branded card online or in-person when shopping at Walmart India’s Best Price Stores,” said Annie Zhang, Regional Managing Director APAC for Discover. “By leveraging Discover global network, HDFC Bank Best Price co-branded cardholders will be able to take advantage of many exclusive benefits available to Diners Club members while also gaining worldwide acceptance.”
Members can apply for cards directly at Best Price Stores or on www.bestprice.in. HDFC Bank will set up booths inside stores to process applications for credit cards and provide related customer service.