Mastercard and Bizom partner to provide digital supply chain financing to 75 lakh micro retailers
Mastercard and IT major Bizom today announced a collaboration to extend a holistic digital supply chain financing solution to over 75 lakh micro retailers and 2 lakh distributors of the Consumer Packaged Goods (CPG) industry.
Small retailers and distributors in India face several challenges including supply chain disruptions, inventory management, payment issues, limited technical skills and lack of access to capital, that impacts their business operations and growth prospects.
According to recent reports, out of over 64 million MSMEs in India, only 14 per cent have access to formal credit. The partnership between Mastercard and Bizom will aim to address this gap and help retailers to grow their business.
Mastercard Inc is the second-largest payment-processing corporation worldwide.
Under the arrangement, Bizom will work with its vast network of over 75 lakh retailers and 2 lakh distributors operating in the CPG industry to automate route-to-market operations, with its best-in-class SaaS offerings. Mastercard will enable the adoption of digital payments for micro retailers and connect them to lending partners for easy access to credit.
Mastercard will also bring its expertise in payments and provide retailers on the Bizom network with virtual card application that will facilitate frictionless payments and easy reconciliation.
Vikas Varma, Chief Operating Officer, South Asia, Mastercard, said, in a statement, “Rapid evolution of the retail sector has necessitated digital adoption by small businesses to derive benefits like operational efficiency and business growth. With this collaboration between Mastercard and Bizom, micro retailers and distributors will embark on a journey of digitization that helps them get
