Swiggy has launched its own digital wallet “Swiggy Money” in partnership with ICICI Bank
Bengaluru-based food delivery platform Swiggy on Tuesday launched its native digital wallet called Swiggy Money to allow single-click checkout experience on its platform. Swiggy Money is the full-grown digital wallet developed in partnership with ICICI Bank. It will allow customers to store money and be used for all food orders made with the Swiggy app.
Existing ICICI Bank customers and Swiggy users can start with the integrated wallet instantly, however, non-ICICI Bank customers are required to provide their government ID number in order to activate the App.
SwiggyMoney is also launched to take on the likes of Paytm and Amazon Pay as now customers can pay for their food orders easily. There is no need to authenticate the payment via third parties like Paytm, Amazon Pay, or any other third which is there if you use any other payment options on the Swiggy app.
Moreover, there is also a “split-pay” option through which payment can be made through a combination of money options. One with the money available in the Swiggy Money wallet and another payment source to complete a transaction. The new service is also claiming to provide instant refunds to the customers.
How to Activate Swiggy Money?
- To activate App tap your account on the Swiggy app and then tap the App option.
- An Activate Swiggy Money button will appear on the screen. Press it after agreeing to the terms and conditions of the service.
- Lastly, there will be a form asking for your details like name, date of birth, and a government ID that you need to provide to activate your wallet.
A Tough Competition
This 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. This move will also make the competition tough for the existing players like Paytm and MobiKwik that are being used as payment sources on Swiggy.