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
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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.
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