Swiggy has launched Swiggy Money – facts about the Swiggy Money Wallet to know to develop eWallet app

Following the footprints of numerous customer internet companies, food delivery startup Swiggy has also jumped into payments. The company headquartered in Bengaluru has now launched its own wallet which will be known as Swiggy Money. As they have stated in the latest notification in the FAQ section, the wallet will only be used to credit money for the aborted orders at the moment. 

Swiggy is the biggest food delivery app in India right now It is at an evaluated valuation of $4 billion. Let’s discuss a few interesting facts of the mobile wallet launched- Swiggy Money.

Following are the interesting facts of the Swiggy Money which you need to know before hiring eWallet app development company to develop eWallet app

 

⇒ Swiggy Money will be used only for refunds

 

For now, Swiggy will be using its mobile wallet to refund money back to the users. So, if any Swiggy customer cancels an order, then the money will be transferred in the mobile wallet of the customer instead of any of the bank or any other wallet from where the payment has been done.

Swiggy’s wallet: Swiggy Money or the wallet of the Meituan-backed firm is powered by ICICI Bank to manage all backend transactions. It is is a fully RBI compliant Prepaid Payment Instrument (PPI).

 

⇒ Swiggy Money is limited to Rs 10,000 limit

 

Swiggy Money has been propelled just a day after RBI declared a new form of PPIs or Prepaid Payment Instrument, which will promote transactions up to a limit of Rs 10,000.

Once completely active, Swiggy’s wallet will enable transactions up to Rs 10,000, and empower users to load only Rs 10,000 with least KYC. On the other hand, if the user finishes the detailed KYC process, then up to Rs 100,000 can be stored at a particular time.

Future plans for mobile wallet Swiggy Money

 

The wallet, for now, is accessible on food orders but will soon be opened up for Swiggy Pop, Swiggy Stores and Swiggy Go. The current Swiggy Money only supports the refunded money credited in the wallet but very soon, full-fledged fintech operations will be offered.

Once the wallet becomes completely functional, Swiggy users will be able to utilise the wallet to order food and make immediate payments.

Slowly, Swiggy Money will allow users to make payments for Swiggy Pop, Swiggy Stores and Swiggy Go as well. Some reports also state that 

Swiggy Money will also allow making peer-to-peer activities via UPI platform, for facilitating more fintech projects.

Swiggy gets about 5 crore orders every month, and have launched 4 new services this year: Super, Swiggy Stores, Swiggy Daily and Swiggy Go.

Develop mobile app with built-in eWallet 

 

We assessed hundreds of mobile payment apps, paying special attention to the features that we feel are more important to the users. We found that most users are in need of a payment app that enables them to transfer funds to and from family and friends as well as in-app payments.  We have considered the ability of an app to make in-app purchases in just one tap.  

People are turning towards mobile payments instead of credit and debit cards. The apps are making it easy for users to make purchases in-store and online.  They also enable users to obtain cash, either from banks or on cash-back purchases in-store. With the rising importance of a cashless economy, the capacity to transfer funds on a person-to-person basis is growing frequently. 

Taking these criteria into consideration, we have developed fully functional white-label solutions for the P2P apps and other mobile wallets for your apps. 

If you are a payment provider, you must choose our white-label mobile wallet platform that best supports your special needs and strategic goals.  The technology and commercial changes have rushed through the mobile wallet space. The global market is experiencing growth in the mobile wallets and at such times, kickstarting using the customized e-wallet white label solutions.

The mobile wallet space is entering its next major phase in the coming future. The apps like Apple Pay and Samsung Pay, etc. are dominating the wallet space. The market is experiencing a great shift towards a highly fragmented state of allowing payments across many platforms and services simultaneously.

In such a situation, the need for white-label platforms is more prominent than ever, as issuers and other payment providers attempt to improve their mobile wallet abilities as efficiently as possible. Despite the years of hype, mobile wallets are only now starting to get a foothold.

The banks are considering the mobile wallet platform requirements and the strategic associations of this longer-term.

We understand that our clients do not just provide P2P solutions to their users but they provide experience. Our e-wallet white label solutions are designed as a complete package to make life easier for your customers and add value to their lives. Apart from just payment transfers, the customers can make purchases from the merchants by just scanning a QR code available. The cashless payments are enabled at every PoS system. 

How much does it cost to develop eWallet app?

 

To enable quick and smart financing for your users, mobile wallets and P2P apps are the best possible alternative. You can choose to serve and connect the unbanked users in various locations and enable cashless payments. Our enterprise-grade white label solutions help to set up income streams by adjusting financial providers, merchants and end-users into a synergetic ecosystem. 

Our e-wallets are deployable in just a few days time and they are not just any other e-wallet but an integrated framework presenting a complete solution for both technical assistance and business development. We promise exclusive, safe and secure digital money transfer platform. 

Our team consists of fintech and software development experts and researchers who have in-depth banking knowledge. We are known for providing end-to-end support, be it technical, business development, discussions, setting up business models and much more.

So, if you are interested to develop a mobile wallet or a P2P app, considering the white label solutions can prove cost-efficient and beneficial for you in the long run. 

eWallet app development at Coruscate starts from $10k!

Connect with us to get more information regarding pricing and deployment. You can even ask for a free demo!

A basic chart for P2P payments app development cost is as follows:

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