Swiggy Money has been launched as Swiggy’s native digital wallet to take on the likes of Amazon Pay and Paytm. The food delivery platform has partnered with ICICI Bank to enable the new experience through which consumers can avail “one-click” checkouts. Just like other mobile wallets, Swiggy Money is designed to store a certain amount of money virtually that can be used for any food orders made through the Swiggy app. Existing ICICI Bank customers can begin with the integrated wallet instantly, though non-ICICI Bank customers are required to provide their government ID number to activate the Swiggy Money wallet.
With the arrival of Swiggy Money, customers can pay for their food orders seamlessly. There is no need to authenticate the payment via third parties, which is there if you use any other payment methods on Swiggy. Further, there is a “split-pay” option through which a payment can be made through a combination of money available in the Swiggy Money wallet and another payment source or instrument to complete a transaction. The new service is also claimed to enable instant refunds to customers.
You can activate Swiggy Money by going to your account from the Swiggy app and then tap the Swiggy Money option. You’ll then see an Activate Swiggy Money button that you should press after agreeing to the terms and conditions of the service. After that, there will be a form asking your personal details such as name, date of birth, and a government ID that you need to provide to enable your wallet.
Swiggy Money can be accessed from your account settings on the Swiggy app
Initially, Swiggy has enabled the Swiggy Money wallet service for restaurant orders, though it will soon be available for paying orders made through Grocery, Genie, and POP offerings as well. The Bengaluru-based company has partnered with ICICI Bank to enable its digital wallet. However, users will be able to top-up their Swiggy Money wallet using various banking instruments.
Swiggy has been testing its digital wallet experience for some time, with some reports suggesting its existence as a pilot since late December. However, up until now, the experience was limited to receive refunds.
“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,” said Anand Agrawal, VP Products, Swiggy, in a statement.
Alongside Swiggy Money, Swiggy has support for various third-party wallets, namely Paytm, MobiKwik, FreeCharge, PhonePe, and Amazon Pay. It also lets users pay through any debit or credit cards or via a UPI account. It is also important to highlight that ICICI Bank previously partnered with Swiggy to enable a UPI-based payment solution for its delivery partners to transfer funds and bring UPI support for end consumers.
Competitive move
The latest move by Swiggy competes against Zomato that supports a range of payment methods but doesn’t have its own wallet to enable instant payments. Also, the move to bring an integrated wallet solution would give a tough fight to existing players such as Paytm and MobiKwik that are being used as payment sources on Swiggy for quite some time. Amazon also has Amazon Pay as its solution to enable payments on platforms including Swiggy. The US e-commerce giant also recently entered the market of food delivery to take on both Swiggy and Zomato.
Swiggy is claimed to have its presence in over 500 cities in India, with over 1,60,000 restaurant partners on board. The company also has its grocery delivery service that went live amid the national lockdown in the country earlier this year.
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