Swiggy introduces digital wallet ‘Swiggy Money’, in partnership with ICICI Bank - Insightipedia

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Tuesday, June 30, 2020

Swiggy introduces digital wallet ‘Swiggy Money’, in partnership with ICICI Bank

Kolkata: Swiggy, India’s leading on-demand delivery platform, has launched its own digital wallet ‘Swiggy Money’ to enable a ‘single-click checkout experience’ on its platform. 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.

‘Swiggy Money’ is powered by ICICI Bank’s ‘insta wallet service’ which is built on a cloud platform with API integration. It enables Swiggy to create a digital wallet instantly for its customers. If the Swiggy customer happens to be an existing ICICI Bank customer, he/she can instantly start using the wallet. Non-ICICI Bank customers can also start using this immediately by providing details of a government ID to ICICI Bank. This first-of-its-kind integration offers benefits such as higher scalability, improved performance, quick to market and high-speed processing for reconciliation among others.

 
Users choosing ‘Swiggy Money’ 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.  In cases where 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/instruments to complete the transaction.
Speaking about the introduction of Swiggy Money, Anand Agrawal, VP Products, Swiggy, said, “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 minimising hassles such as lengthy payment procedures or payment failures resulting in improved customer experience.”
Talking about the partnership, Bijith Bhaskar, Head- Digital Channels & Partnership, ICICI Bank, said, “We are delighted to bring in the industry- first instant digital wallet ‘Swiggy Money’ in association with Swiggy. It offers the convenience of 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.”
Widely recognised as the pioneer in Indian food delivery, 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’. With a large hyperlocal delivery fleet and high consumer engagement, Swiggy is best placed to be the one-stop delivery app of the future and fulfil its vision to offer unparalleled convenience to consumers.

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