Swiggy, Indiaa��s largest food ordering and delivery platform has partnered with ICICI Bank, the country’s largest private sector bank by consolidated assets, to roll out two innovative
digital solutions to facilitate a convenient and hassle-free way for its delivery partners to transfer funds.
This includes the government-supported (National Payments Corporation of India), Unified Payment Interface (UPI)-based solution for instant fund transfers on-the-go and an option for facilitating cash deposits at automated Cash Deposit Machine (CDM) available at ICICI Bank branches and ATM locations across the country.
With one of the largest delivery fleets in the country, this move will enable thousands of Swiggya��s delivery partners to save time and distance travelled, by embracing the convenience of digital technology for their financial transactions.
Swiggy integrated the UPI solution with ICICI Bank, as it offers a secure, scalable, platform agnostic and reliable means to enable collection of funds from its delivery partners. With this solution,
Swiggya��s delivery partners will have their own UPI handle (VPA) to which they can link their savings bank account and start transacting by using UPI-enabled apps like BHIM, ICICI Pockets, Google Tez, PayTM and PhonePe among others. ICICI Bank will credit the beneficiary (Swiggya��s) account instantly as well as send the delivery partnera��s details to Swiggy, enabling it to update the collection against thedelivery partner instantly. An immediate payment confirmation of the transfer of money is sent to the delivery partner as well.
Swiggy has seen rapid growth in recent years and the daily transactions have also increased manifold. While consumers on Swiggy opt for multiple payment options, a�?cash on deliverya�� continues to be a popular choice. To facilitate complete automation of cash deposit and reconciliation, Swiggy has leveraged ICICI Banka��s wide network of branches and ATMs that are equipped with automated CDM. Swiggya��s delivery partners can now simply visit the nearest ICICI Bank branch or an ATM location which is equipped with a CDM facility and deposit the money after a real-timeA� uthentication. The money gets instantly credited to Swiggya��s account and a confirmation of the transaction is sent to the delivery partner. The new initiative, along with eliminating unnecessary trips to the hub, acts like a failsafe against concerns like cash leakages.
The UPI-based solution has already witnessed tremendous adoption by Swiggya��s delivery partners. Additionally, the CDM solution was introduced to provide them with an alternate channel to deposit cash at their convenience. Both these innovative solutions simplify the cash collection and management for the delivery partners and allow them to optimize their time, subsequently increasing Swiggya��s serviceability to the consumers.
a�?Our delivery partners are the backbone of Swiggy. We are constantly looking for ways to support the ease of operations by adopting superior technology, and the partnership with ICICI Bank on both the UPI solution and automated CDM will take this a notch higher,a�? SAID RAHUL BOTHRA, CHIEF FINANCIAL OFFICER, SWIGGY. a�?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,a�? he added.
TALKING ABOUT THE PARTNERSHIP, MR. B. MADHIVANAN, GROUP EXECUTIVE AND CHIEF TECHNOLOGY & DIGITAL OFFICER, ICICI BANK SAID,a�? At ICICI Bank, we always aim to be at the fore-front 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 Indiaa��s largest food ordering and delivery platform. The integration aims to bring about unparalleled convenience for Swiggya��s large fleet of delivery partners by reducing the need for travelling 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 Swiggya��s delivery partners optimize their time and maximize efficiency.a�?