Food delivery platform Swiggy has come out with its own payment medium as Swiggy Wallet in partnership with ICICI Bank. The wallet can be used for depositing money, processing refunds and also making instant online payments while placing an order for food.
The Bengaluru-based company is backed by ICICI Bank’s Insta wallet service which authorised the startup to create a wallet for customers right away through API integrations. ICICI Bank customers can start using the wallet at once, however, others will first have to submit a government ID card to the bank.
“Along with a variety of existing payment options offered to the customers, Swiggy Money will ensure absolute and easy transactions on food orders by reducing hassles such as lengthy payment procedures or payment failures resulting in improved customer satisfaction,” said Anand Agrawal, VP Products, Swiggy.
Consumers can top up the wallet using any digital payment medium. If the order value exceeds the wallet balance, users would be provided a ‘split-pay’ option, which will enable payment through multiple combination of money from their wallet and another payments mediums, the company assured.