Wal-Mart Partners with Lakala to Offer Financial Services

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photo-by-flickr-user-andrew-turnerJul. 14 –Wal-Mart outlets in 80 Chinese cities are now offering financial services to customers in partnership with the Chinese offline payment provider Lakala.

According to ChinaRetailNews, the company is adding one-stop daily payment services, including credit card repayment, public utilities, and mobile phone recharging.

Lakala is a leading offline payment provider in the country with an estimated 30,000 terminal sites located in 60 Chinese cities. The company processes about three million transactions monthly.

The company also handles payment terminals found in Quik and 7-Eleven convenience stores and owned by another major retail giant Lianhua Supermarket.

Wal-Mart’s vice president for retail value-added services and strategies, Ruan Mingjiang, told media that Wal-Mart’s nationwide launch of the Lakala smart payment terminals is a trial to meet the diversified demands of modern consumers.