India's Swiggy trials UPI payment integration [Yahoo! Finance]
ICICI Bank Limited (IBN)
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Source: Yahoo! Finance
The initiative is aimed at reducing the company's reliance on third-party payment providers and streamlining the payment process for users, as reported by MoneyControl Inc42 reports that the in-app payment service, developed in collaboration with Yes Bank and Juspay, is being trialled internally with Swiggy employees and if successful will then be introduced to all users in stages. The exact timeline for the rollout has not yet been disclosed. In November 2023 Swiggy experienced a significant disruption due to a period of “technical downtime” that affected its payment gateway. The outage prevented many customers from placing orders. “We have a huge percentage of orders coming in through UPI transactions. The offering is set to make transacting with the app more convenient for the public,” a Swiggy source stated. The UPI plug-in, launched by the National Payments Corporation of India in 2022, enables payment service providers, banks and non-banking financial companies (NBFCs
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