- December 27, 2019 / 4 min readAs of now, this new wallet will only be used to credit amounts for the canceled orders at the moment.
Food delivery startup Swiggy has forayed into the online payments space by introducing its own wallet, Swiggy Money. With this launch, the Bengaluru-headquartered company follows the footsteps of several consumer internet companies.
As of now, this new wallet will only be used to credit amounts for the canceled orders at the moment. Swiggy Money has been unveiled in partnership with ICICI bank. In addition to this, the firm claims that the wallet service is compliant with the norms laid down by the Reserve Bank of India for prepaid payment instruments.
What is Swiggy Money?
It is a wallet service where users can store money and pay for transactions on Swiggy. However, the wallet can only be used to credit amounts for the canceled orders at the moment. The company will be adding add other payments option like UPI, credit and debit cards, net banking, and even cash.
In addition to this, Swiggy said that the credits for late deliveries in case of a failed on-time delivery order will also be deposited in Swiggy Money.
Presently, the wallet can only be used for paying for food orders. Going forward, the food delivery platform said that orders through Swiggy Pop, Swiggy Stores, and Swiggy Go will also accept payments from the wallet.
Swiggy has further offered its users the facility to transfer their money from the wallet to their bank accounts.
Apart from the wallet, the company also expects to enter into the UPI-based payments business that may include peer-to-peer fund transfer. Swiggy believes that starting Swiggy Money only to credit cash for canceled or disputed orders is a smart move.
Doing about 50 million orders a month, Swiggy’s move to have an in-house wallet will certainly help it in driving scale and engagement. The company also felt the urge to have an in-house payment product, especially after bringing four different products, including Supr, Swiggy Stores, Swiggy Daily, and Swiggy Go this year.
Complying with KYC norms
In order to use Swiggy Money, a user has to comply with know-your-customer (KYC) norms, however, for ICICI bank users, the KYC is not required for the usage of wallet on the platform.
A Swiggy Money user can transact up to Rs 10,000 with minimum KYC, while a full KYC allows the user to load up to Rs 1,00,000 at any given time. At present, the wallet is available on food orders but will soon be opened up for Swiggy Pop, Swiggy Stores, and Swiggy Go.
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