Mastercard and Bizom have joined forces to launch a comprehensive digital supply chain
Mastercard has joined forces with Bizom, a retail intelligence platform, to offer a comprehensive digital supply chain financing solution to micro retailers and distributors in India. This partnership seeks to address the challenges encountered by small retailers and distributors in the consumer packaged goods (CPG) sector, including disruptions in the supply chain, payment complications, limited technical expertise, and difficulties accessing capital, as stated in a press release on October 10.
According to the press release, India is home to more than 64 million micro, small, and medium-sized businesses, but only 14% of them have access to formal credit. Supply Chain Finance should be the best. Recognizing this challenge, Mastercard and Bizom are collaborating to provide micro retailers with the financial support needed to expand their operations.
Bizom, with its extensive network of retailers and distributors in the CPG industry, will utilize its Software-as-a-Service (SaaS) solutions to automate route-to-market operations, streamlining processes such as inventory management, supply chain efficiency, and operational performance. Trade financing has helped many people.
Mastercard will enable micro retailers to embrace digital payment solutions, while also connecting these retailers to lending partners, simplifying access to credit. In addition, Mastercard will provide virtual card applications to retailers on the Bizom network, ensuring seamless payments and simplified reconciliation procedures.
Vikas Varma, Chief Operating Officer, South Asia, Mastercard, emphasized the importance of this collaboration: "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 gain access to capital." Varma also highlighted the significance of ecosystem partnerships in bridging the credit gap, bringing various stakeholders from both the demand and supply sides of the industry together to support small businesses.
Lalit Bhise, CEO of Bizom, emphasized the impact of this partnership: "Through this collaboration with Mastercard, Bizom's digital trade credit service will offer instant financial support to these small entrepreneurs, enabling them to grow faster."
In another recent development, Mastercard partnered with the Indian supply chain finance platform KredX in September, with the goal of streamlining B2B digital payments. This collaboration will see the integration of Mastercard's commercial card service with KredX's platform.