Swiggy Money: Food delivery platform Swiggy has launched its own payment instrument Swiggy Wallet in partnership with ICICI Bank. The wallet can be used for storing money, processing refunds and even making instant online payments while ordering food.
‘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 integration offers benefits such as higher scalability, improved performance, quick to market, and high-speed processing for reconciliation.
Users choosing ‘Swiggy Money’ can avail instant refunds and use the money for easy checkouts and hassle-free payment processing on future food orders, the company said in a statement. “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,” said Anand Agrawal, VP Products, Swiggy.
The Bengaluru-based company is leveraging ICICI Bank’s Insta wallet service which enabled the startup to create a wallet for customers instantly through API integrations. ICICI Bank customers can start operating the wallet instantly, others will first have to submit a government ID card to the bank.
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 purchases 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.