Panasonic India has partnered with digital payment platform Benow to enable its offline retailers sell the entire range of consumer electronic products

India: Panasonic India has announced partnership with Benow, which is a digital payment platform, in order to digitalize its offline retail stores in India. This will enable offline retailers to sell entire range of Panasonic electronic products online. Digital platform Benow will help consumers to reach out to their local dealers for buying Panasonic products such as AC, refrigerator, television and other electronic products. This also emerges as a move to provide contact less shopping experience to consumers amid COVID-19 pandemic.

Panasonic India, Trade Marketing, Group Head said, "The ongoing pandemic has not only impacted consumer behavior but also redefined how businesses operate. Further strengthening Panasonic’s distribution strategy and customer centricity, the association with Benow not only enables our offline retail partners to come online but also ensures that our consumers can browse, select, order, pay and receive their favorite Panasonic products from the safety and comfort of their homes.”

Panasonic’s retail partners do not require any capital expenditure to utilize this new platform. The company is also planning to extend this platform to all of its distribution partners including multi brand stores, national & regional retail outlets and sub-dealers in the next few months.

Expressing his thoughts about the deal, Benow’s Co-founder said, “Our digital solution provides a seamless and convenient shopping experience to millions of consumers of Panasonic in India. The advantage of the platform is that it does not call for yet another app download by a consumer while presenting him with a seamless app-like shopping experience supported by multiple payment options.”

According to TechSci Research, “Amidst fear of COVID-19, consumers are shifting more towards online purchases. Earlier, Samsung had also partnered with Benow to take its offline retailers online. Through Benow app, retailers can make an online catalogue of products. The customer requires to send a request via the online link to place an order. Apart from Panasonic and Samsung, Xiaomi and Vivo have also rolled out initiatives to digitalize their offline stores.”

According to the published report by TechSci Research, “India Payment Processing Solutions Market By Payment Method (Credit Card, Debit Card, E-wallet), By End User Industry (Retail, Hospitality, Utilities, Telecommunication, Others), By Region, Competition, Forecast & Opportunities, 2025,” India payment processing solutions market is expected to grow at a formidable rate during the forecast period. The key factor driving India payment processing solutions market is the Government’s ‘Digital India’ concept and increasing trend of online transactions. Additionally, high proliferation of smartphones and growing internet penetration are further expected to propel the market during forecast period.

According to the recently published report by TechSci Research, “Global Digital Payment Market, By Type (Solutions and Services), By Deployment Mode (On-premises and Cloud-based), By Organization Size (SMEs and Large Enterprises), By Company & By Geography, Forecast & Opportunities, 2014-2024”, the global digital payment market size is predicted to reach USD87 billion by 2024, growing at a CAGR of over 15% during the forecast period. The growing usage of smartphones, various initiatives taken to promote digital payment and expanding e-commerce industry are the major drivers for the global digital payment market.