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, they can instantly start using the wallet, the company said.
Non-ICICI Bank customers can also start using this immediately by providing details of a government ID to ICICI Bank.
“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," said Anand Agrawal, VP Products, Swiggy.
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.
“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. 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," said Bijith Bhaskar, Head- Digital Channels & Partnership, ICICI Bank.
Other than Swiggy, Ola and Amazon India have also adopted a ‘digital wallet’ strategy to help customers make faster checkouts as well as solve for immediate refunds. Even Walmart-owned Flipkart leverages its subsidiary PhonePe for customer refunds, allowing customers to use the wallet balance to pay across the Flipkart and PhonePe ecosystem.
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