Online food delivery platform Swiggy’s digital wallet — Swiggy Money — can now be used to store money and pay for food delivery orders placed using the app. The service was launched in partnership with ICICI Bank. Swiggy had launched its wallet service last year in December, although at that time, users could only receive refunds in the wallet from cancelled or failed orders.
The wallet is based on ICICI Bank’s “insta wallet service” and is built on a “cloud platform with API integration”. Current ICICI Bank users are exempt from providing KYC (know your customer) details to the service, since their KYC details are already present with the bank. Non-ICICI Bank will have to provide a copy of a government ID to open an account as part of minimum KYC. As per RBI’s norms, a minimum KYC wallet allows customers a monthly transaction limit of Rs 10,000.
“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 Swiggy’s customers],” Bijith Bhaskar, Head- Digital Channels & Partnership, ICICI Bank, said in a statement.
Any balance in an activated Swiggy account can not be transferred to a bank account, a notification on the Swiggy app reads. Also, for now, the digital wallet can only be used to pay for restaurant orders on Swiggy, but the company said that it will soon be available to pay for grocery, essential services (Genie), and single serve meal (POP) deliveries.
Users will be able to load money in the wallet via various banking instruments and pay for orders without going through multiple authentications. In cases where the order value exceeds the wallet balance, users will be provided with a ‘split-pay’ option which will enable making payment through a combination of money from their wallet and another payment source/instruments to complete the transaction.
The COVID-19 pandemic has hit Swiggy hard, just as it has rattled businesses across sectors. In response, the company has laid off 1,100 employees, and has ventured into alcohol delivery in multiple states. Swiggy’s CEO, Sriharsha Majety, in May had said that the company will invest in “high-confidence efforts” such as grocery delivery and “other service offerings”, and has already re-aligned some employees from other businesses into these initiatives.