Swiggy Partners With ICICI Bank, Launches UPI-Based Digital Payment Service

Swiggy, online food ordering and delivery platform has partnered with ICICI Bank to roll out two innovative digital solutions to facilitate a convenient and hassle-free way for its delivery partners to transfer funds, said a statement released by the company. This includes a Unified Payment Interface (UPI) based solution for instant fund transfers on-the-go and an option for facilitating cash deposits at automated Cash Deposit Machines (CDM) available at ICICI Bank branches and ATM locations across the country

Five things to know about Swiggy’s new ICICI Bank’s UPI-based digital payments:-

Swiggy’s delivery partners will have their own UPI handle (VPA), to which they can link their savings bank account and start transacting by using any UPI-enabled app like ICICI Bank ‘Pockets’, ‘BHIM’, ‘Google Tez’, ‘PhonePe’, ‘Paytm’ among others. ICICI Bank will credit the beneficiary’s (Swiggy’s) account instantly as well as send the delivery partner’s details to Swiggy, enabling it to update the collection against the delivery partner instantly. An immediate confirmation of the transfer of money is sent to the delivery partner as well.

Through the use of Unified Payment Interface (UPI)-based solution for instant fund transfers and automated cash deposit machines at ICICI Bank branches and ATMs across the country, the delivery fleet will have a hassle-free way of transferring funds. With cash-on-delivery being a widely used method of payment on the platform, the digital payment methods allow the delivery men to quickly transfer the funds to Swiggy, saving their time, according to company’s statement. Swiggy operates with a fleet of over 20,000 delivery persons delivering food from over 25,000 restaurants across 12 cities

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