Swiggy launches payment platform, ties up with ICICI Bank

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.

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.

“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.

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Consumers can top up the wallet using any digital payments instrument. If the order value exceeds the wallet balance, users would be provided a ‘split-pay’ option, which will enable payment through a combination of money from their wallet and another payments instrument, the company said.

“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,” said Bijith Bhaskar, head- digital channels and partnership, ICICI Bank.