Swiggy launches its own digital wallet, Swiggy Money

According to Financial Express, the feature will allow customers to store money and pay for food orders on the Swiggy app. Swiggy Money is powered by ICICI Bank’s ‘insta wallet service’ which is built on a cloud platform with API integration. Moreover, while ICICI Bank customers that use Swiggy can instantly start using the wallet, non-ICICI Bank customers will have to provide details of a government ID to ICICI Bank for using it.

Therefore, by using the solution, users would be enabled to make instant refunds, top-up their wallet, and make single click purchases without multiple authentications. Besides, if the order value exceeds the wallet balance, Swiggy will offer consumers a ‘split-pay’ option to pay the rest of the amount through another payment method to complete the transaction.

However, Swiggy had announced reducing its operations including the workforce and suggested it might shut down or decrease the cloud kitchen business, as the majority of restaurants during lockdown had moved to online-only deliveries, decreasing Swiggy’s orders by over 50% in April 2020, Financial Express reported.