Walmart India partners with HDFC bank to launch credit card for members
Walmart India, the wholly-owned subsidiary of Walmart Inc, has partnered with HDFC Bank to launch a co-branded credit card exclusively for its registered members.
With the partnership, registered members of Walmart India’s ‘Best Price’ across the country will be offered credit cards. Walmart India will also accept the credit card on its ‘Best Price’ online platform.
Walmart will offer its members rewards and cashback on all purchases made with the card. The company also expects the move to help in the growth of the country’s digital economy.
Commenting on the launch, Krish Iyer, CEO of Walmart India in a statement 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,” Iyer added.
Walmart is betting big on the Indian market for growth and considers it one of the most important foreign markets for the company. It has planned an investment of about $500 million (Rs 3,582 crore) to open 47 stores in the country by 2022.
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