After Zomato, now food delivery company Swiggy has also launched its UPI service. In this way, new players are rapidly entering the UPI market, which can harm the market share of dominant UPI apps like Google Pay and PhonePe.
Swiggy has this expectation from the new service
Swiggy said that it has launched its UPI service to reduce dependence on third party apps for payment. The company says that the launch of this service will also be convenient for its customers. While customers will not need to open any other app to make payment after placing an order, Swiggy hopes that this service will also reduce cases of payment failure.
Zomato started last year
Earlier, Swiggy’s competitor food delivery company Zomato has also started its UPI service. However, Swiggy’s service is different from Zomato. Zomato’s UPI service is like other payment apps. It was approved by RBI to work as a digital payment app. Swiggy’s service has been launched through UPI plugin. The company has started this service in partnership with Yes Bank and Jaspay.
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Testing with employees right now
This service of Swiggy is not yet available to general customers. According to a report by Moneycontrol, the food delivery company is testing the UPI service with its employees before launching it for customers. This testing has been going on since last month. Swiggy will provide UPI service to its customers in a phased manner in the next few months.
Leading UPI payment app in the market
Recently, many companies have started their UPI service. Currently, Google Pay and PhonePe dominate the UPI payment app market. After the action taken by the Reserve Bank in January, the share of the third largest player Paytm has decreased rapidly. Apart from Google Pay and PhonePe, apps like Paytm, Zomato, Flipkart, GoIbibo, Make My Trip, Tata New, Cred are also providing payment facility through UPI in the market.
