This new feature is a part of Swiggy’s effort to facilitate quicker payments by its users
Swiggy said that the integration of this feature will now help users to complete UPI transactions without leaving the app and further reduce the payment process from five steps to just one
This initiative is expected to reduce the average payment time from 15 to 5 seconds
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Foodtech major Swiggy has rolled out its in-app UPI payment system that will enable users to complete transactions directly within the app.
This new initiative is a part of Swiggy’s effort to facilitate quicker payments by its users, the company said in a statement.
This new feature, Swiggy UPI, is powered by the National Payments Corporation of India’s (NPCI) unified payments interface (UPI) plug-in solution and Juspay’s HyperUPI Plugin, it added.
The company further said that the integration of this feature will now help users to complete UPI transactions without leaving the Swiggy app and further reduce the payment process from five steps to just one. This move is expected to reduce the average payment time from 15 to 5 seconds.
As per the company, to use this new feature, a Swiggy user needs to link bank accounts to the app once. Following the initial step, one can complete future transactions by simply entering the UPI PIN.
Swiggy’s head of revenue and growth, Anurag Panganamamula, said, “We’re constantly looking for ways to make the ordering process smoother. This new UPI integration is a significant step in that direction.”
Swiggy has also been on an experiment spree lately with its restaurant-centric growth solutions.
Last month, the company rolled out a suite to facilitate eateries with influencer and social media marketing solutions.
In June, the foodtech giant rolled out ‘Staffing Support’, an initiative to assist its restaurant partners with staff recruitment.
In April, Swiggy launched ‘Smart Links’ to enable restaurants to redirect customers straight from social media posts and advertisements to their menu pages on the food delivery app.
Apart from expanding solutions for its restaurant partners, the company has also been undergoing some other major changes.
For instance, recently, Swiggy reportedly hiked its platform fee to INR 6 per order in its key markets, including Delhi and Bengaluru.
Not just this, Swiggy’s early backers including Prosus, Accel and Elevation Capital are reportedly selling shares and partly diluting their stakes in the food tech company.
All this comes at the heart of Swiggy’s upcoming IPO worth INR 10,414.1 Cr ($1.2 Bn), for which the company received a nod from its shareholders in April.
The IPO will include fresh issue of shares worth INR 3,750.1 Cr (about $449 Mn) and an offer-for-sale component worth INR 6,664 Cr (around $799 Mn), as per regulatory filings.
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