Walmart India bullish on retail sector in India

Hyderabad: The overall retail growth in the country has been quite good over the last many years and India continues to be the one of the most attractive destinations for retail all over the world, said a senior official of Walmart India.

Launching a co-branded credit card exclusively for members of its Best Price modern wholesale "B2B Cash & Carry" stores, Krish Iyer, President & CEO, Walmart India said, "Kiranas and other small businesses are the backbone of the economy.

The new card will help the members streamline their business processes and by making payments through cards, our members are contributing to India's growth as an efficient digital economy."

Parag Rao, Country Head, Payments Business and Marketing, HDFC Bank said, "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."

The card which offers free credit for a period ranging between 18 and 50 days was simultaneously launched at 26 other Best Price modern wholesale store locations across the country.

"Walmart would continue to open more stores in the country with one in Kurnool, AP," Iyer said adding, the card would offer 'Best Price' members rewards and cashback on all purchases, with savings of up to six per cent 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.