ICICI Bank and Swiggy tie up to enable fleet transfer funds with ease

By:Vandita Jadeja 2018-03-20

Food ordering and delivery platform Swiggy has tied up with the largest private sector lender in the country, ICICI Bank to roll out two digital solutions in order to facilitate the transfer of funds for its delivery partners. These two solutions include a Unified Payment Interface based solution for the instant fund transfer and an option that facilitates cash deposits at automated Cash Deposit Machine which is available at ICICI Bank branches and ATM locations in the country.

They aim to bring convenience to the large fleet of delivery partners of Swiggy by reducing the requirement of traveling to the collection hubs in order to deposit the money. With this, Swiggy’s delivery partners will now have their own UPI handle on which they can link their savings bank account and transact by using UPI enabled apps like ICICI Pockets, Bhim, Google Tez, Paytm and PhonePe. The bank will credit Swiggy’s account in no time and will send the details to Swiggy which will enable it to update the collection against the delivery partner instantly. The payment confirmation of transfer of money will also be sent to the delivery partner. Most consumers on Swiggy prefer cash on delivery for their orders. This new initiative will eliminate the unnecessary trips to the hub and will act like a failsafe against concerns like cash leakages.

Rahul Bothra, Chief Financial Officer of Swiggy mentioned that the delivery partners are the backbone of Swiggy and we are constantly looking for ways to support the ease of operations by using superior technology and this partnership on UPI solution and automated CDM will take the business a notch higher.

ICICI Bank was the top runner in conceptualizing UPI as an initiative along with NPCI and was also the first bank to introduce UPI in its mobile app. Through this an ecosystem has been created for e-commerce players and technology to help them undertake digital transactions with ease.

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