After Zomato, now food delivery company Swiggy has also started its UPI service. New players are rapidly entering the UPI market, which can harm the market share of dominant UPI apps like Google Pay and PhonePe.
Swiggy Expects This From The New Service
Swiggy has launched its UPI service to reduce dependence on third-party apps for payment. The company says the launch 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 this service will also reduce cases of payment failure.
Zomato Started Last Year
Swiggy’s competitor, food delivery company Zomato, started its UPI service earlier. However, Swiggy’s service is different from Zomato’s. 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 a UPI plugin. The company started this service in partnership with Yes Bank and Jaspay.
Testing With Employees Right Now
Swiggy’s UPI service is not yet available to general customers. According to a report by Moneycontrol, the food delivery company has been testing it with its employees since last month before launching the service for customers. Swiggy will provide UPI service to its customers in phases in the next few months.
Major UPI Payment Apps In The Market
Many companies have recently started their UPI service. Currently, Google Pay and PhonePe dominate the UPI payment app market. After the action by the Reserve Bank in January, the share of the third largest player, Paytm, has decreased rapidly. Apart from Google Pay and Phone Pay, apps like Paytm, Zomato, Flipkart, GoIbibo, Make My Trip, Tata New, and Credi also provide payment facilities through UPI.
