Food ordering and delivery platform Swiggy has partnered with ICICI Bank to roll out two digital solutions to facilitate a convenient and hassle-free way for its delivery partners to transfer funds.
Through the partnership, Swiggy has enabled 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.
By integrating UPI, 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 UPI-enabled apps like BHIM, ICICI Pockets, Google Tez, PhonePe, PayTM among others.
ICICI Bank will credit 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 payment confirmation of the transfer of money is sent to the delivery partner as well.
Secondly, Swiggy says that since cash on delivery remains to be the most popular payment method, Swiggy’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-time authentication.
The money gets instantly credited to Swiggy’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.
“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,” Rahul Bothra, Chief Financial Officer, Swiggy said in a statement.
Talking about the partnership, Mr. B. Madhivanan, Group Executive and Chief Technology & Digital Officer, ICICI Bank said “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 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 Swiggy’s delivery partners optimize their time and maximize efficiency.”