On 4 January 2017 Coca-Cola India and its bottling partner Hindustan Coca-Cola Beverages Pvt. Ltd. signed a memorandum with State Bank of India. This cooperation aims to bring 2.6 million retailers and 5000 distributors into digital marketing circle. Coca-Cola India is one of the country’s leading beverage companies with a strong network of over 2.6 million retail outlets. It offers a range of safe, high quality, refreshing beverage options to its consumers.
A training program is also incorporated under this strategic association. Under this program, retailers will be schooled to gain proficiency over digital means of transactions that are more transparent and safe. This step can be seen as an extension of Modi’s efforts to make India a cashless economy.
Almost 90% distributors of Coca-Cola use electronic mediums to make their payments to the company. This tie-up has been done to ensure that the transaction between retailer and consumer becomes digital which in turn will digitalize business between retailer and distributor. In the long run, this will act as a catalyst in economic development.
To woo retailers and merchants in going cashless SBI is offering easy access to its loans and financial services. Retailers are being guided to open a current account in any SBI with Corporate Net banking (CINB) facility, at the same time they are also being encouraged to use SBI’s digital payment options like Buddy P2P, Buddy Merchant App, and SBI Pay.
The event was spearheaded by T Krishnakumar CEO of Hindustan Coca-Cola Beverages Pvt. Ltd Regional Director, South Asia and Arundhati Bhattacharya Chairman of SBI. This new model is included in Coca-Cola ongoing Parivartan training program. Support My School, VEER, Parivartan, and Unnati are some of the projects by Coca-Cola India towards building the sustainable society.
Venkatesh Kini, President of Coca-Cola India, present at the event said “HCCBPL and CCIPL will leverage Coca-Cola University on Wheels (CCU) under its Parivartan program to train the retailers and distributors on handling digital payments. The training will integrate SBI’s developed digital payments module into the training capsule. Additionally, HCCBPL, SBI and CCIPL will create a customized payment solution for retailers and distributors selling Coca-Cola products in India”.
“Our digital payment platforms such as Buddy, SBI Pay, and State Bank Collect provide our customers easy-to-use and convenient modes of transactions. They also act as the tip of the spear for on boarding consumers and merchants to our larger range of financial products,” added SBI chairman Arundhati Bhattacharya.