After Zomato, Swiggy launches UPI in app for faster ordering

Swiggy has launched its own UPI payments system, Swiggy UPI, which allows users to transact directly within the app, reducing the payment process from five steps to one and the average payment completion time to just five seconds.

The new UPI feature, developed by NPCI and Juspay, aims to streamline the payment process by allowing users to link their bank accounts only once and use their UPI PIN for future transactions.

Swiggy’s launch of UPI follows a series of strategic moves, including restaurant-focused growth solutions and a planned $1.2 billion initial public offering, underlining the company’s efforts to strengthen its market position.

Less than a year after Zomato launched its own UPI service, food technology giant Zomato UPI Wiggy joined the offer by launching the UPI payment system in the app, which will allow users to make transactions directly in the app.

The new initiative is part of Swiggy’s efforts to enable users to make payments faster, the company said in a statement.

The new feature, Swiggy UPI, is based on National Payments Corporation of India’s (NPCI) Unified Payments Interface (UPI) plugin solution and Juspay’s HyperUPI plugin, it added.

The company added that the integration of the feature will now help users make UPI transactions without leaving the Swiggy app and will further reduce the payment process from five steps to just one. The move is expected to reduce the average payment time from 15 seconds to 5 seconds.

According to the company, to use this new feature, a Swiggy user needs to link their bank accounts to the app once. Once the first step is complete, future transactions can be made by simply entering the UPI PIN.

Swiggy’s head of revenue and business development, Anurag Panganamamula, said, “We are constantly looking at ways to streamline the ordering process. This new UPI integration is a significant step in that direction.”

Swiggy has also been experimenting with its restaurant-focused solutions recently.

Last month the company released a package to make it easier for foodservice outlets to use influencer marketing and social media solutions.

In June, the food technology giant rolled up launched the “Staffing Support” initiative, which aims to help restaurants that work with it recruit staff.

Swiggy in April shot “Smart Links” allow restaurants to redirect customers from social media posts and ads directly to menu pages in the food delivery app.

In addition to expanding its offering for partner restaurants, the company has also undergone other major changes.

For example, Swiggy recently apparently raised its platform fee to Rs 6 per order in key markets including Delhi and Bengaluru.

Not only this, early backers of Swiggy including Prosus, Accel and Elevation Capital, apparently selling shares and partially diluting its stake in the food technology company.

All this is at the heart of Swiggy’s upcoming IPO worth INR 10,414.1 Cr (USD 1.2 billion), for which the company has received approval from its shareholders. April.

As per regulatory filings, the public offer will comprise a fresh issue of shares worth INR 3,750.1 Cr (approximately USD 449 million) and an offer for sale component of INR 6,664 Cr (approximately USD 799 million).