Food delivery major Swiggy has officially launched its digital wallet ‘Swiggy Money’ in partnership with ICICI Bank that will enable its customers to store money for all food orders on the platform.
To enable the wallet feature, existing ICICI Bank customers can instantly start using the wallet while non-ICICI Bank customers will have to provide details of a government ID to ICICI Bank. It essentially means that ICICI bank customers will be exempted from minimum KYC.
Customers can avail instant refunds and use the money for easy checkouts and hassle-free payment processing on food orders by topping-up their wallet using various banking instruments. In cases where the order value exceeds the wallet balance, Swiggy will provide a ‘split-pay’ option which will enable making payment through a combination of payment methods or instruments to complete the transaction.
The wallet is currently available on food orders, however, it will soon be opened up for Swiggy’s Pop, Stores and Genie. The Bengaluru-based firm has outlined that any balance in Swiggy Money account can’t be transferred to a bank account as per RBI guidelines.
Entrackr had exclusively reported the development of Swiggy’s upcoming wallet feature in September last year.
Given its high consumer engagement and several use cases such as food ordering, grocery and other hyperlocal delivery services, the payments play by the Meituan-backed firm makes sense to a large extent. Swiggy is not the only company to have an in-house wallet. Ride-hailing major Ola also entered payments a few years ago as its use case stretched with food and grocery.
During the lockdown, Swiggy had registered around 70-90% slump in their number of deliveries. After the relaxation, it has been exploring new ways of ramping up its revenue by partnering with hotel chains for food delivery, enabling delivery of alcoholic beverages and catering to premium customers.
Swiggy had recently announced that it would integrate its premium food delivery service Scootsy with the main app. Swiggy Money can leverage Scootsy to gather more consumers on the wallet as its average order value is around Rs 1,000, which is 2.5X more than Swiggy’s average value.