SBI partners with Hindustan Coca-Cola Beverages, Coca-Cola India to provide digital payment solutions in biz transactions
With an aim to meet the government's vision of digital economy, SBI has partnered with Hindustan Coca-Cola Beverages and Coca-Cola India on Tuesday to facilitate digital payment solutions in business transactions.
The recent partnership between the three companies will enable over 2.6 million retailers and 5,000 distributors to conduct their business transactions digitally.
"The digital payment solutions in business transactions will help further strengthen our retail chain ecosystem covering over 2.6 million retailers and 5,000 distributors and will substantially reduce the dependence on cash," Hindustan Coca-Cola Beverages chairman and chief executive officer T Krishnakumar, said in a press release.
Commenting on the partnership, State Bank of India (SBI) chairman Arundhati Bhattacharya, said in a statement, “Our digital payment platforms such as Buddy, SBI Pay and State Bank Collect provide our customers easy-to-use and convenient modes of transactions.They also act as the tip of the spear for onboarding consumers and merchants to our larger range of financial products."
— State Bank of India (@TheOfficialSBI) January 3, 2017
“As India moves towards digitisation, it is critical that the country’s un-organised retail sector adopt digital payment systems which will provide them an opportunity to further grow their businesses. To bridge the digital gap for small retailers we have partnered with State Bank of India (SBI)," Coca-Cola-India and South West Asia president Venkatesh Kini, said in a release.
This will empower and equip small retailer businesses move from cash based to digital transactions which has the potential benefit of making payments more secure and transparent, Kini added.