afaqs! news bureau

Swiggy partners with ICICI Bank to launch its digital wallet

Called 'Swiggy Money', it lets you avail one-click checkout, instant refunds and add money to the wallet.

Swiggy, the online delivery giant, has launched 'Swiggy Money', its digital wallet in partnership with ICICI Bank to enable a ‘single-click checkout experience’ on its platform. You can use this wallet to store money and use it for all food orders on the platform.

ICICI Bank’s ‘insta wallet service’ powers this wallet and is built on a cloud platform with API integration – Swiggy can instantly create a wallet for its customers.

While Swiggy users who're ICICI Bank customers can use the wallet right away, non-ICICI Bank customers will have to first provide a government ID to the bank before being able to use the wallet.

User benefits:

Those who use 'Swiggy Money' stand to enjoy instant refunds and use the money for easy checkouts and hassle-free payment processing on future food orders. They can further 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.

Anand Agrawal, VP Products, Swiggy, said, about the introduction of 'Swiggy Money', “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.”

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.”

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