Latest updates reveal that Swiggy, country’s largest privately valued food and grocery delivery firm has been making some moves on the fintech front for the past two years.
Swiggy Co-branded Credit Card
Considering the same, earlier it launched Swiggy Money in 2020 which is powered and enabled by ICICI Bank.
Further, the firm has also applied for a payment aggregator license in 2021.
As per its latest plans, the online food delivery company is planning to launch a co-branded credit card.
“There has been an ongoing discussion for the past several months to have a co-branded credit card which could be used for payments across Swiggy’s platform including Instamart, Genie and DineOut,” sources said, on the request of anonymity.
Further adding, a co-branded credit card is a natural progression for Swiggy after it bought DineOut.
Earlier, Swiggy acquired table reservation platform DineOut for about $120 million during May this year.
Work In Progress
Presently, “Swiggy is in talks with several banks for the co-branded credit card but chances are high to go with ICICI Bank,” sources said.
Adding, “The plan is almost final and if nothing changes at the last moment, it will (co-branded credit card) be launched later this year.”
So far, Swiggy did not respond to the queries on this subject.
This latest move seems to be taking momentum as its business rival Zomato has already launched a co-branded credit card in March 2020.
Zomato launched this card through a partnership with Mastercard and RBL Bank.
Although, neither Zomato nor its two partners has given the number of cards issued until now.
The online food delivery network has set a target to issue about a million credit cards by March 2022.
Zomato didn’t elicit any immediate response to the queries on its credit card numbers .
Once this happens, Swiggy, having the potential co-branded credit card, will join the ranks of Amazon, Ola and Flipkart among others who already have such cards.
It is noteworthy here that most of these players have not seen any critical success as far as scale is concerned according to the sources.
In future, it would be exciting to see how Swiggy’s potential co-branded credit card would fare up.