Swiggy launches its own digital wallet with ICICI Bank

Called ‘Swiggy Money,' the full-fledged digital wallet in partnership with ICICI Bank will enable customers to store money and be used for all food orders.

Users choosing ‘Swiggy Money' can avail instant refunds and use the money for easy checkouts and hassle-free payment processing on future food orders, the company said in a statement.

"Along with a host of existing payment options offered to consumers, Swiggy Money will ensure seamless and swift transactions on food orders by minimising hassles such as lengthy payment procedures or payment failures resulting in improved customer experience," said Anand Agrawal, VP Products, Swiggy.

If the Swiggy customer is an existing ICICI Bank customer, he or she can instantly start using the wallet.

Non-ICICI Bank customers can also start using this immediately by providing details of a government ID to ICICI Bank.

‘Swiggy Money' users will further be able to top-up their wallet using various banking instruments and enjoy single click purchase without multiple authentications.

In cases where the order value exceeds the wallet balance, the 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.

"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 millions of Swiggy's customers," informed Bijith Bhaskar, Head- Digital Channels & Partnership, ICICI Bank.

Swiggy is currently present in over 500 cities in the country.