Swiggy launches in-app UPI service for faster transactions
Swiggy UPI will now reduce transaction time from over 15 seconds to just 5 seconds, the company says.
IPO-bound food delivery firm Swiggy has launched Swiggy UPI by integrating National Payments Corporation of India’s (NPCI) UPI plug-in solution to deliver a faster in-app payment experience for customers.
With this integration, users can now complete UPI transactions within five seconds instead of the usual 15.
"By massively simplifying the transaction process and reducing payment failures, we are confident this feature will significantly enhance the consumer experience on Swiggy," said Anurag Panganamamula, Head of Revenue and Growth at Swiggy.
In April 2024, Finance Minister Nirmala Sitharaman said that India recorded approximately 131 billion UPI transactions. As UPI continues to gain popularity, the NPCI is encouraging more entities to integrate UPI services.
In another development, Swiggy will reportedly charge a service fee on the gross order value, which includes GST and packaging charges, from restaurants outside metro cities as well. This will be effective from August 14.
Earlier, the service fee, or commission was levied on the net value for restaurants in smaller cities and towns, while those in large cities were already charged on the gross value.
Edited by Affirunisa Kankudti
