Swiggy launches its own digital wallet, with limited capabilities

Following the footsteps of leading internet companies, Swiggy is also foraying into payments with its own wallet for storing money and paying for orders.

The service is being debuted in conjunction with ICICI Bank, and is said to be fully compliant with the norms laid down by the Reserve Bank of India for Prepaid Payment Instruments (PPIs).

As of now, Swiggy FAQs mention, the new wallet is only being introduced to credit refunds for disputed, late, or canceled food orders on the main Swiggy app.

However, eventually, the service will be opened up with the ability to check balance, load money from UPI, credit, debit card, and net banking options, and transfer wallet money to bank accounts.

Further, the scope of Swiggy Money will be restricted only to food orders on the main Swiggy app, to begin with.

However, as things settle, the company will expand the wallet, making it available on its other products, including daily commodities service Swiggy Stores, home-made meals service Swiggy Daily, one-person meal service Swiggy POP, and Dunzo like package pickup-and-drop service Swiggy Go.

Among other things, Swiggy may also use the Swiggy Money wallet service for peer-to-peer fund transfers, Entrackr reported.

However, given that the service is in early stages, we would say it is just one of the possible ways it could advance. How frequently people use Swiggy Money will actually define its evolution in the coming months.