Throughout this collaboration, the companies will focus on the process of extending a holistic digital supply chain financing service to multiple businesses and clients. Bizom is set to work with its network, which includes over 75 lakh micro retailers, as well as 2 lakh distributors of the Consumer Packaged Goods (CPG) industry. The company aims to automate route-to-market operations with optimised and secure SaaS capabilities.
At the same time, Mastercard will allow the adoption of digital payments from micro retailers in the region of India, as well as connecting them to a suite of lending partners for easy access to credit. Alongside, Mastercard is set to provide its expertise in payments and to offer retailers that are included in the Bizom network virtual card application, which will facilitate frictionless payments, as well as easy and secure reconciliation.
In addition, the firms aim to meet the needs, preferences, and expectations of their clients and customers, improving the manner in which they face the hardships and challenges of the industry. Currently, small retailers and distributors in India meet several problems in their development processes, such as supply distributions, limited technical skills, lack of access to capital, inventory management, and payment issues.
Payment-processing corporation Mastercard had multiple partnerships and launches in the last couple of months, covering several different geographic areas around the world.
At the beginning of October 2023, the company announced its collaboration with Instacard and Peacock in order to give an optimised and convenient payment experience for US-based clients. Throughout this strategic deal, Mastercard was set to provide users with on-demand access to online shopping and grocery delivery solutions with Instacard as well as its first streaming service subscription offering via Peacock. They were set to be available on the Mastercard customer rewards credit cards in the near future.
The new capabilities aimed to impact areas where clients frequently spent their money and to add to their existing portfolio of everyday value opportunities and products, such as travel, shopping, rideshare, and other offerings that Mastercard credit cardholders already made purchases in general.
Earlier in the same month, the US-based fintech Galileo announced its collaboration with Mastercard in order to allow lenders to provide small businesses (SMBs) with flexible and secure financial options through the use of Mastercard Instalments.
Financial institutions and banks were enabled to improve the trust and overall relationship with their clients by using existing data. This allowed them to offer responsible Buy Now, Pay Later (BNPL) options and capabilities for small businesses. By leveraging the BNPL services provided by Galileo, the lending partner likely was set to consider the financial health and ability for repayment of an SMB, as well as to customise instalment plans for purchase-based financing.
According to the press release published at the time, both companies focused their goal on providing small and medium-sized enterprises (SMEs) with solutions and products that improved their overall development processes. The extension of the partnership prioritised the critical segment of clients in order to provide them with credit options and payment flexibility through qualified and efficient lenders.
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