Swiggy Launches Their Own Wallet, Powered By ICICI Bank; 3 Facts About Swiggy Money
Swiggy, which is right now India’s biggest food delivery app at an estimated valuation of $4 billion, has now launched their own mobile wallet: Swiggy Money.
Checkout some interesting facts about Swiggy’s very own mobile wallet.
Swiggy Money Will Only Be Used For Refunds
As of now, Swiggy Money will be used by Swiggy to refund money back to the users. Hence, if any Swiggy user cancels an order, then the money will be refunded in the wallet, and not to the bank or any other wallet from where the payment has been made.
Swiggy’s wallet: Swiggy Money is powered by ICICI Bank to handle all backend transactions.
Swiggy Money Is Limited To Rs 10,000 Limit
Swiggy Money has been launched a day after RBI announced a new form of PPIs or Prepaid Payment Instrument, which will facilitate transactions upto Rs 10,000.
Once fully active, Swiggy’s wallet will facilitate transactions upto Rs 10,000, and allow users to load only Rs 10,000 with minimal KYC.
On the other hand, if the user completes the detailed KYC process, then upto Rs 100,000 can be loaded at a given time.
Future Plans For Swiggy Money
As of now, only refund money will be credited back into the wallet, but soon, full-fledged fintech operations will be offered.
Once the wallet becomes fully functional, users will be able to use the wallet to order food, and make instant payments.
Gradually, Swiggy Money will be enabled to make payments for Swiggy Pop, Swiggy Stores and Swiggy Go as well.
Besides, as per some reports, Swiggy Money will also be enabled to make peer-to-peer transactions vi UPI platform, for enabling more fintech activities.
Swiggy gets around 5 crore orders a month, and have launched 4 products this year: Supr, Swiggy Stores, Swiggy Daily and Swiggy Go.
We will keep you updated, as more details come in.