Hindustan Unilever (HUL) has partnered with the State Bank of India (SBI) to provide digital payment solutions for small retailers in India.
As part of the collaboration, the bank will offer an instant paperless overdraft facility of up to USD 700 to retailers for their billings with distributors. It will also offer financing options to Unilever’s distributors.
The bank is set to install SBI point-of-sale machines at multiple HUL touch points across the country and provide UPI-based solutions to HUL retailers for cashless payments to their dealers.
In order to use the new payment solutions, retailers will have to download SBL’s Yono app as well as HUL’s Shikhar digital ordering app.
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