For the very first time, Walmart India and HDFC Bank have ventured to introduce co-branded credit card to more than a million present-day members of the recent, Best Cost present-day wholesale arrangement in the nation.
Krish Iyer, India President & CEO of Walmart alongwith Country Head, Payments Business at HDFC, Parag Rao and Regional Managing Director, APAC of Discover Financials & Diners Club International, Annie Zhang, participated in the nation-wide launching of it at the Hyderabad Walmart’s store.
Apart from the facility of being able to make payments in the digital mode, the newly launched co-branded card will also give perks like 18-50 day credit, cash back and rewards to its holders. The card was introduced at the same time at the rest 26 best cost stores existing in the country.
Walmart is heading towards the direction of extensive establishment goals, with already 27 stores opened in nine states in the past decade in India, said Krish Iyer. He also confirmed that the next new store would be opened within a week in Kurnool, Andhra Pradesh.
Refraining to comment on the recent losses of Flipkart-Axis Bank initiative, he also cleared up saying, that was a totally different initiative highlighting itself as being just an investor in Flipkart and that it was a different body altogether.
Adding to various payment methods available to the customers, the co-branded credit card will facilitate registered users of Walmart to pay for their shopping. He said that, this initiative is also an attempt to escalate the usage and adoption of digital payment methodology in the country.