Swiggy claims that the new Swiggy UPI, powered by Juspay's HyperUPI Plugin allows users to reduce transaction time from over 15 seconds to just five seconds
Swiggy has launched Swiggy UPI, where the National Payments Corporation of India's (NPCI) UPI Plug-in solution has been integrated for faster in-app payments.
How to set up Swiggy UPI?
Customers can complete their one-time setup process of linking their bank accounts by going to the app's payment page and selecting Swiggy UPI.
After this, customers only have to enter their UPI PIN for all transactions.
Customers will also immediately be informed any issue like insufficient funds, incorrect credentials or technical issues.
Why did Swiggy launch Swiggy UPI?
In April 2024, Finance Minister Nirmala Sitharaman highlighted that India recorded approximately 131 billion UPI transactions, according to the company's statement, which added that the National Payments Corporation of India (NPCI) is encouraging more entities to integrate UPI services.
Swiggy currently collaborates with nearly 2 lakh restaurants across more than 600 cities. Meanwhile, Instamart, its quick commerce platform operates in over 25 cities.
“We are excited to introduce our UPI experience to our customers. This feature aligns with Swiggy's mission to enable unparalleled convenience to consumers as UPI emerges as one of the most preferred payment methods,” said Anurag Panganamamula, Head of Revenue and Growth at Swiggy. “By massively simplifying the transaction process and reducing payment failures, we are confident this feature will significantly enhance the consumer experience on Swiggy.”
