Swiggy launches digital wallet ‘Swiggy Money’ in partnership with ICICI Bank
Bengaluru-based foodtech unicornon Tuesday announced the launch of its own digital wallet ‘Swiggy Money’ to enable a ‘single-click checkout experience’ on its platform.
According to a statement release by the company, the full-fledged digital wallet in partnership with ICICI Bank will enable Swiggy customers to store money and be used for all food orders on Swiggy.
If the Swiggy customer happens to be an existing ICICI Bank customer, he/she can instantly start using the wallet, the statement added. Non-ICICI Bank customers can also start using this immediately by providing details of a government ID to ICICI Bank.
Image Source: Shutterstock
With ‘Swiggy Money’, users can avail instant refunds and use the money for easy checkouts and hassle-free payment processing on future food orders. ‘Swiggy Money’ users will further be able to top-up their wallet using various banking instruments and enjoy single click purchase without multiple authentications, the startup said.
In case the order value exceeds the wallet balance, the users will be provided with a ‘split-pay’ option, which will enable making payment through a combination of money from their wallet and another payment source to complete the transaction, the startup added.
Anand Agrawal, VP Products, Swiggy, shared,
“Along with a host of existing payment options offered to consumers, Swiggy Money will ensure seamless and swift transactions on food orders by minimising hassles such as lengthy payment procedures or payment failures resulting in improved customer experience.”
Bijith Bhaskar, Head- Digital Channels and Partnership, ICICI Bank, stated,
“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."
"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 said.
Swiggy is currently present in over 500 cities in the country and is continuously deepening its presence and value in existing markets through newly launched services ‘Swiggy Grocery’ and ‘Swiggy Genie’.
According to the foodtech startup, through the ‘Grocery’ category, consumers can directly view available stores in their locality, add items to their cart for payment, and opt for 'no-contact' delivery on prepaid orders. The Swiggy Genie feature includes pickup and drop-off service to send packages across the city or purchase essentials from a particular store. However, the service was limited to delivering essentials, including over-the-counter medicines, to consumers during the lockdown period.