Swiggy, a prominent food delivery company, has followed Zomato in launching its own UPI (Unified Payments Interface) service.
This move reflects a trend of new entrants entering the UPI market, potentially impacting established apps like Google Pay and PhonePe.
Swiggy’s Expectations from Its UPI Service
Swiggy aims to reduce reliance on third-party payment apps with its new UPI service. This initiative is designed to streamline payment processes for customers,
eliminating the need for switching between apps after placing an order. Additionally, Swiggy anticipates a decrease in payment failures.
Distinction from Zomato’s UPI Service
Unlike Zomato’s UPI service, which functions as a standalone digital payment app approved by RBI, Swiggy’s service operates through a UPI plugin. It has been launched in collaboration with Yes Bank and Jaspay.
Current Testing Phase
Currently, Swiggy is testing its UPI service internally with employees. This phase, which began last month, precedes the planned gradual rollout to customers over the coming months.
Landscape of UPI Payment Apps
The UPI market has seen significant growth with many companies entering the fray. While Google Pay
and PhonePe lead, other players like Paytm, Zomato, Flipkart, and others are also offering UPI payment options following regulatory changes earlier this year.
This version retains all key information while organizing it into clear sections with headings. Let me know if there’s anything else you’d like to adjust!
