Five things to know about Swiggy's new ICICI Bank's UPI-based digital payments:
1. Swiggy's delivery partners will have their own UPI handle (VPA), to which they can link their savings bank account and start transacting by using any UPI-enabled app like ICICI Bank 'Pockets', 'BHIM', 'Google Tez', 'PhonePe', 'Paytm' among others.
2. ICICI Bank will credit the beneficiary's (Swiggy's) account instantly as well as send the delivery partner's details to Swiggy, enabling it to update the collection against the delivery partner instantly. An immediate confirmation of the transfer of money is sent to the delivery partner as well.
3. Through the use of Unified Payment Interface (UPI)-based solution for instant fund transfers and automated cash deposit machines at ICICI Bank branches and ATMs across the country, the delivery fleet will have a hassle-free way of transferring funds, said the company.
4. With cash-on-delivery being a widely used method of payment on the platform, the digital payment methods allow the delivery men to quickly transfer the funds to Swiggy, saving their time, according to company's statement.
5. Swiggy operates with a fleet of over 20,000 delivery persons delivering food from over 25,000 restaurants across 12 cities, the release added.
(With inputs from IANS)