Monday, October 19, 2020
    Home News Tech Swiggy enters online payments space, launches own wallet

    Swiggy enters online payments space, launches own wallet

    Foodtech unicorn Swiggy has made its foray into the financial services space with the launch of its own wallet, Swiggy Money. The wallet, an RBI-compliant Prepaid Payment Instrument (PPI), will only be used to credit amounts for the cancelled orders at the moment, as per the latest notification in Swiggy's FAQ column.


    Bollywood actesses who were launched by Salman Khan

    These are the Bollywood actresses who were launched by Salman Khan in the Hindi film industry

    Hollywood Celebrities Mourn The Death Of James Lipton

    Hundreds of Hollywood stalwarts were given to James Lipton, an actor-turned-drama-school-dean to open up regarding their life and art and became an unexpected star.

    Television couples who went in for live in relationships!

    Many celebs from the tinsel town have opted for a live-in relationship. To know which are those couples, read on this article

    Kannada Actress Kishori Ballal, Who Co-Starred With Shah Rukh In Swades, Dies At 82

    Veteran Kannada actor Kishori Ballal, who had acted in over 75 movies and left an indelible mark with her role in...

    Telugu actor Rajasekhar gets into a major car crash!

    Telugu actor Rajasekhar meets with a major car accident at Hyderabad's Outer Ring Road. It is reported that he has escaped with minor injuries and is currently being treated at home.
    Ajay Nirmal
    Graduated from Mumbai University, Ajay brings in the latest news across sports, tech, and world news. Ajay loves talking on tech, latest news, and events.

    India’s digital payments space has been a mixed bag. While the sheer volume of payments and numbers are exciting, business models around the same have been unsustainable. When it comes specifically to UPI, there are no players currently reporting any sort of revenue whatsover. Despite that, it makes sense for consumer internet companies to have their own payments interface over UPI, and reduce dependence on external players.

    One such attempt is now coming in from Swiggy, with the company announcing the launch of its own wallet named Swiggy Money.

    The roll-out is pretty limited though. As of now, the wallet can only be used to credit amounts for the cancelled orders. But going forward, the company plans to make it work as a digital wallet to store money as well as for the transactions on its platform.

    This new Swiggy Wallet is powered by ICICI Bank and is a fully RBI compliant Prepaid Payment Instrument (PPI). Thus, users have to complete a minimum KYC (know your customer) by entering government-issued identification information to use the service.

    Swiggy Money will also add UPI, credit card, debit card and net banking options to load money. With minimum KYC, a user can transact up to Rs 10,000 while a full KYC allows the user to load up to Rs 1,00,000 at any given time.

    While the wallet service is currently available on food orders but will soon be opened up for Swiggy Pop, Swiggy Stores and Swiggy Go. Besides wallet, Swiggy is also expected to foray into the UPI-based payments business that may include peer-to-peer fund transfer.

    Since Swiggy does about 50 million orders a month, having an in-house wallet will certainly help the firm in driving scale and engagement. This is the fifth major product from the company after launching Supr, Swiggy Stores, Swiggy Daily and Swiggy Go this year.

    For latest entertainment news, bollywood news, hollywood news, celebrity gossips, latest movie reviews, entertainment news and gossips in hindi - follow Lehren on Facebook, Twitter and Youtube.

    ↓   Keep Scrolling for NEXT STORY   ↓

    Top Picks


    Rare Video From The Sets Of Gadar: Ek Prem Katha

    Gadar: Ek Prem Katha is an action drama film set during the partition of India in 1947. The film stars Sunny Deol,...

    Nicki Minaj Wants Her Son To Have Playdates With Drake’s Son?

    Singer Nicki Minaj is on cloud nine after welcoming her son. Nicki’s fans are showering her and the newborn with loads...

    FIR Against Kangana Ranaut and Sister Rangoli Chandel

    An FIR is launched against Kangana Ranaut and her sister Rangoli Chandel for inciting communal hatred with hateful speeches and comments on...

    5 Unbelievable Benefits Of Oil Pulling; How To Do It

    Oil Pulling is an Ayurvedic technique used to promote oral hygiene and other health benefits. The oil pulling technique helps kill bacteria...

    Tara Sutaria All Set To Marry Ranbir Kapoor’s Cousin In 2021?

    Wedding bells will be ringing soon in the Kapoor family as they are planning to welcome Tara Sutaria as their bride. Well,...

    Also Read

    Here’s what companies are doing for employees who can’t work from...

    Several companies have allowed work from home for its employees after Coronavirus is declared a global health emergency. But ever wondered about people who can't work from home?

    Swiggy to raise $300 mn with Naspers investing over $150 mn:...

    Bengaluru-based food delivery giant Swiggy is raising an internal $300-million funding round from existing investors, with Naspers-owned Prosus Ventures likely investing over $150 million, as per the report.


    Netizens Trolled Karanvir Bohra After His Fee Waiver Tweet

    Actors are always mired into a sea of never ending controversies where even if they might be posting something which sounds logical...

    Rare Video From The Sets Of Gadar: Ek Prem Katha

    Gadar: Ek Prem Katha is an action drama film set during the partition of India in 1947. The film stars Sunny Deol,...

    Shweta Tiwari: Gone Are The Days Of The Big Fat Indian Weddings

    Mere Dad Ki Dulhan is winning the audience’s hearts with the adorable chemistry between Guneet (Shweta Tiwari) and Amber (Varun Badola). Breaking...

    Ekta Kapoor Gets Nostalgic As Kahaani Ghar Ghar Kii Turns 20

    Ekta Kapoor produced Kahaani Ghar Ghar Kii turns 20 years. The show introduced everyone to Sakshi Tanwar, who became a household name...

    Mr. Faisu And Ruhi Singh Commences Shooting For Their Web Series Bang Baang

    Social media star Faisal Shaikh, widely known as Mr. Faisu, and Ruhi Singh have kick started shooting for their action packed digital...