India’s leading food delivery giant, Swiggy, is stepping into the financial services arena with the launch of its credit card, a move aimed at increasing customer engagement and retention. The Bengaluru-based startup is partnering with HDFC Bank, India’s largest private bank, to co-launch this credit card. The card offers attractive rewards and benefits to customers, enhancing their overall experience with Swiggy.
Customers using the Swiggy credit card will enjoy a 10% cashback on their spends made on the platform. Additionally, they will receive a 5% cashback across more than 1,000 partnered platforms, including popular names like Amazon, Adidas, Zara, Flipkart, Nike, Uber, and BookMyShow. Swiggy aims to strengthen its partnership network and offer a wide array of benefits to cardholders, fostering customer loyalty and encouraging increased spending.
The credit card, powered by Mastercard, comes with several exclusive perks. Apart from the cashback rewards, customers will receive a three-month subscription to Swiggy One, a service that waives delivery charges, further incentivizing them to choose Swiggy for their food delivery needs. Additionally, cardholders will get a 1% cashback on all other spends they make using the card. Swiggy is keen to offer a comprehensive and rewarding credit card experience to its users, making it stand out in the market.
Furthermore, the credit card extends Mastercard benefits to users, enhancing its value proposition. By collaborating with one of India’s leading private banks, Swiggy is tapping into HDFC Bank’s vast customer base and leveraging its expertise in the financial industry to provide seamless and secure payment options.
The move to introduce a credit card aligns with a broader trend among Indian startups, especially non-fintech ones, venturing into financial services. These credit card offerings allow startups to diversify their revenue streams, leverage customer data more effectively, and encourage consumer spending. For Swiggy, this step is not only about enhancing its financial services portfolio but also about creating a robust ecosystem that strengthens its bond with customers and increases brand loyalty.
By offering tailored benefits and attractive rewards, these credit cards are particularly appealing to India’s burgeoning middle-class market, which is crucial for sustaining growth in the fiercely competitive landscape of food delivery services. Swiggy’s chief rival, Zomato, has also ventured into the credit card space, further intensifying competition and driving innovation in the industry.
Rahul Bothra, Swiggy’s Chief Financial Officer, expressed the company’s commitment to providing customers with value-added experiences. The launch of the credit card in partnership with HDFC Bank and Mastercard reflects Swiggy’s dedication to meeting the demands of modern consumers, who actively seek rewarding programs and benefits that enhance their shopping experiences across various categories. This all-encompassing credit card is yet another step towards making Swiggy the go-to platform for its customers’ everyday needs, beyond just food delivery.