Swiggy has launched its own digital wallet, ‘Swiggy Money’ in partnership with ICICI Bank to enable a ‘single-click checkout experience’ on its platform. It is an industry- first instant digital wallet. The Swiggy Money is powered by ICICI Bank’s ‘insta wallet service’ which is built on a cloud platform with Application Programming Interface (API)integration.
Gist about the digital wallet
i.Swiggy customer can immediately use the wallet if he/she is an existing ICICI Bank customer.
ii.Non-ICICI Bank customers can also use this instantly after providing details of government ID to ICICI Bank
Benefits for users
i.Discounts &Instant withdrawal-The users can avail discounts & withdraw money instantly and use the money for easy checkouts and hassle-free payment processing on future food orders
ii.Top up-They can top-up their wallet using various banking instruments and can purchase through single click without multiple authentications.
iii.Split-Pay option– If the order value exceeds the wallet balance, the users will be given a ‘split-pay’ option. With this option the users can make payment through a combination of money from their wallet and another payment source/instruments to complete the transaction.
This service is enabled for restaurant orders & will be soon available for paying orders made through Grocery, Genie, and POP offerings
Note– For ICICI bank it is the 3rd offering, alongwith with Swiggy. Ola and Amazon India have also adopted a ‘digital wallet’ strategy.
About ICICI bank:
Headquarters– Mumbai, Maharashtra
Managing Director & Chief Executive Officer (CEO)- Sandeep Bakhshi
Headquarters– Bengaluru, Karnataka
Co-Founder– Sriharsha Majety