Swiggy today announced that it has partnered with ICICI Bank to bring two innovative digital solutions which makes it convenient and hassle-free way for its delivery partners to transfer funds to Swiggy. The payment solution also includes Unified Payment Interface (UPI) for instant fund transfers and other is an option facilitating cash deposits at automated Cash Deposit Machines (CDM) that will be available at ICICI Bank branches and ATM locations across the country.
This move is aimed at enabling thousands of Swiggy’s delivery partners to save time and distance traveled for any sorts of financial transactions. The UPI base payment solution will offer a secure, scalable, and reliable way to enable collection of funds from its delivery partners. ICICI, on the other hand, has launched the UPI for online & offline merchants in August 2016
Swiggy’s delivery partners will have their own UPI handle (VPA), which can be used to link their savings bank account and start transacting by using any UPI-enabled app like ICICI Bank ‘Pockets’, ‘BHIM,’ ‘Google Tez,’ ‘PhonePe,’ ‘Paytm.’ Once the transaction is complete from one end, ICICI Bank will credit the beneficiary’s (Swiggy’s) account instantly as well as send the delivery partner’s details to Swiggy along with immediate confirmation of the transfer.
Swiggy says that despite the presence of multiple payment options, cash on delivery remains the most popular choice. To facilitate complete automation of cash deposit and reconciliation, Swiggy is now relying on ICICI Bank’s wide network of branches and ATMs that are equipped with automated CDM which the delivery partners can use to deposit the money after an authentication.
Commenting on the partnership, B. Madhivanan, Group Executive and Chief Technology & Digital Officer, ICICI Bank said:
At ICICI Bank, we always aim to be at the forefront at creating path-breaking solutions by leveraging emerging technologies. The bank played a pivotal role in conceptualising UPI as an initiative along with NPCI and was the first bank to introduce UPI in its mobile app. With such technological prowess, we have created an ecosystem for technology and e-commerce players to help them undertake digital transactions in the most seamless way. We are delighted to offer our UPI platform to Swiggy which is one of India’s largest food ordering and delivery platform. The integration aims to bring about unparalleled convenience for Swiggy’s large fleet of delivery partners by reducing the need for traveling to their collection hubs to deposit the money. Delivery partners can also reap the benefit of depositing the money collected at an automated CDM located at ICICI Bank branches and ATM locations across the country. We believe solutions like these will help Swiggy’s delivery partners optimize their time and maximize efficiency.
Commenting on the same, Rahul Bothra, Chief Financial Officer (CFO), Swiggy said:
Our delivery partners are the backbone of Swiggy. We are constantly looking for ways to support the ease of operations by adopting the superior technology, and the partnership with ICICI Bank on both the UPI solution and automated CDM will take this a notch higher. Adoption of digital payment solutions will not only hasten their financial inclusion but also save their time and thousands of kilometers of travel. It will help achieve our shared objective of providing a great food experience to consumers in a seamless and convenient manner.