Swiggy plans to launch co-branded credit card
India’s largest privately valued food and grocery delivery company swiggy has been making some moves at the fintech the front for the past two years. In 2020, the organization launched swiggy money that is powered and enabled by means of icici bank and also applied for a payment aggregator license in 2021.
Now, the agency is making plans to release a co-branded credit card, in line with two people aware of the details. “there has been an ongoing discussion for the past numerous months to have a co-branded credit card which can be used for bills across swiggy’s platform which include instamart, genie and dineout,” stated one of the people cited above requesting anonymity.
Consistent with sources, a co-branded credit card is a natural progression for swiggy after it bought dineout. Swiggy acquired table reservation platform dineout for about $ hundred and twenty million in may additionally this year.
“Swiggy is in talks with several banks for the co-branded credit card but chances are high to go with ICICI Bank,” said the source quoted above. “The plan is almost final and if nothing changes at the last moment, it will (co-branded credit card) be launched later this year.”
Queries despatched to swiggy on wednesday evening did now not elicit any reaction. We can replace the tale in case the agency responds.
Swiggy’s rival zomato released a co-branded credit card in march 2020 through a partnership with credit card and rbl bank. While neither zomato nor its partners has given the quantity of cards issued till now, they set a goal to issue approximately one million credit cards with the aid of march 2022. Queries despatched to zomato on its credit card numbers didn’t elicit any immediate reaction.
With the ability co-branded credit card, swiggy will be part of the ranks of amazon, ola and flipkart amongst others who have already got such cards. But, resources outline that maximum of these players have no longer seen any essential fulfillment as some distance as scale is involved. It might be interesting to look how swiggy’s capacity co-branded credit card might fare up.
