Retailing, Franchising, and Consumerism Business Intelligence in China

Wal-Mart To Provide Financial Services In 80 Chinese cities

Wal-Mart has reached a strategic cooperation agreement with the Chinese offline payment provider Lakala to provide financial services to people in 80 cities across China.

With the cooperation agreement, Wal-Mart will be able to provide its customers with one-stop daily payment services, including credit card repayment, payment of public utilities, and mobile phone recharging.

Ruan Mingjiang, Wal-Mart's vice president for retail value-added services and strategies, told local media that Wal-Mart's nationwide launch of the Lakala smart payment terminals is a new trial to meet the diversified demands of modern consumers. The company hopes to continuously improve its services to bring more convenience to its customers.

Sun Taoran, president of Lakala, revealed that so far, more than 90 of Wal-Mart's stores in China have launched the convenient financial services, completing over 50,000 transactions in May, with a total transaction value of over CNY18 million.

Before entering Wal-Mart, Lakala smart payment terminals have been installed in 7-Eleven and the Quik convenience stores belonging to Lianhua Supermarket. At present, Lakala has installed more than 30,000 terminal sites in 60 cities across 18 provinces and handles three million transactions every month.

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