Swiggy has launched an in-app UPI payment system, Swiggy UPI, to streamline transactions for its users. This new feature, developed in collaboration with the National Payments Corporation of India (NPCI) and Juspay’s HyperUPI Plugin, allows users to complete payments directly within the Swiggy app, reducing the process from five steps to just one. This integration aims to cut the average payment time from 15 to 5 seconds.
To use Swiggy UPI, users need to link their bank accounts to the app once, after which they can complete transactions using their UPI PIN. Anurag Panganamamula, Swiggy’s head of revenue and growth, emphasized that this upgrade is part of the company’s efforts to enhance the ordering process.
Swiggy has also been active with other initiatives, including offering influencer marketing solutions for restaurants, staffing support for partners, and ‘Smart Links’ to redirect customers from social media to restaurant menus.
The company recently increased its platform fee to INR 6 per order in major markets and is preparing for a significant IPO valued at INR 10,414.1 Cr ($1.2 billion), with both a fresh issue of shares and an offer-for-sale component.
