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Swiggy launches digital wallet Swiggy Money: All you need to know

Now you will no longer have to rely on Paytm and other apps for payments on Swiggy as the food-delivery app has got its own digital wallet.

Highlights

  • Swiggy announced that it has launched its own digital wallet ?Swiggy Money? to enable a ?single-click checkout experience?
  • Users can avail many discounts, instant refunds if they make payment through the Swiggy Money.
  • Swiggy has partnered with ICICI Bank to let the customers make transactions through the platform.

Now you will no longer have to rely on Paytm and other apps for payments on Swiggy as the food-delivery app has got its own digital wallet. The company on Tuesday announced that it has launched its own digital wallet 'Swiggy Money' to enable a 'single-click checkout experience' on its platform. Swiggy has partnered with ICICI Bank to let the customers make transactions through the platform.

Users can avail many discounts, get instant refunds if they make payment through the Swiggy Money. If you are an ICICI Bank customer, you can instantly avail the services by entering your credentials. Non-ICICI bank users can also use the facility by providing their government identity cards to ICICI bank. The Swiggy Money digital wallet would also allow users to "split-pay" in which they can make payments through a combination of money from their wallet and another payment sources to complete the transaction.

Talking about Swiggy Money, Anand Agrawal, VP Products, Swiggy, said in a statement, "Providing the best payment and refunds experience is an integral move in tightening up the ordering experience and maintaining best-in-industry repeat rates on our platform that now offers multiple hyperlocal delivery services. We are happy to partner with ICICI Bank to launch this service. Along with a host of existing payment options offered to consumers, Swiggy Money will ensure seamless and swift transactions on food orders by minimizing hassles such as lengthy payment procedures or payment failures resulting in improved customer experience."

Swiggy has partnered with ICICI bank to enable payments. "We are delighted to bring in the industry- first instant digital wallet 'Swiggy Money' in association with Swiggy. It offers the convenience of a single-click checkout experience to Swiggy's large consumer base. The Bank is a pioneer in providing peer-to-merchant solutions by leveraging our state-of-art standalone cloud platform with API integrations. This is our third offering, jointly with Swiggy. A year ago, we had customised an industry-first UPI led payment solution for Swiggy's delivery partners to transfer funds. We had also introduced UPI-led instant one-click payment for millions of Swiggy's customers," Bijith Bhaskar, Head- Digital Channels & Partnership, ICICI Bank said in a statement.

The digital wallet will face tough competition from the existing players in the market including Google Pay, Paytm, Amazon Pay, PhonePe, and others.

On a related note, Swiggy is now functional in 500 cities and had launched two new services 'Swiggy Grocery' and 'Swiggy Genie' during the lockdown. Swiggy not only delivers food but also helps people in buying grocery items.

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