Mastercard and Bizom collaborate to extend a holistic digital supply chain financing solution to over 75 lakh micro retailers from CPG industry
Mastercard and 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) 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.
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, “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 online, get paid and get access to capital.”
He added, “No one organization can solve for the existing credit gap alone. So, it is imperative that we build ecosystem partnerships to bridge this gap. Through this partnership, Mastercard plans to bring together various stakeholders in the industry ecosystem from both the demand and supply side on a common platform to support small businesses.”
Sharing his optimism on the partnership, Lalit Bhise, CEO of Bizom, said, “We are excited to pave the way for the millions of MSME businesses like retailers, distributors, wholesalers and small manufacturers in Bizom’s network to gain access to formal digital financial products. Through this partnership with Mastercard, Bizom’s digital trade credit service will extend instant financial support to these small entrepreneurs, helping them grow faster.”
Mastercard announced a global commitment to bring a total of one billion people and 50 million micro and small businesses, including 25 million female entrepreneurs into the digital economy by 2025. Mastercard continually works with partners and merchants across the country to drive acceptance and till date, Mastercard has been able to drive acceptance at over 13 million merchant locations in India.
About Mastercard (NYSE: MA), www.mastercard.com
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
About Bizom
Bizom is the Retail Intelligence Platform that digitizes global distribution engines, with AI-based, outcome-driven sales automation tools like Bizom SFA, Bizom DMS and Bizom Retailer App. With a keen focus on revolutionizing the distribution landscape in emerging markets, Bizom’s advanced solutions aim to empower retail businesses to optimize their distribution networks, enhance supply chain efficiency, optimize inventory management, and enhance the overall sales and operational performance. Implemented across 50+ countries for more than 600 leading retail brands and 8 million stores, Bizom empowers each stakeholder in the downstream supply chain with intelligent analytics to place the right products at the right outlets.
