Swiggy, a prominent Indian startup in the food delivery industry, has taken a significant step to boost customer engagement and retention by introducing its own credit card. This move is part of the company’s broader efforts to expand its services and offer more value to its loyal customers.
All About the Swiggy Credit Card
Collaborating with HDFC Bank, India’s largest private bank, Swiggy’s credit card offers an array of attractive benefits. Customers can enjoy a generous 10% cashback on their purchases made through Swiggy and an additional 5% cashback on over 1,000 partner platforms, including popular names like Amazon, Adidas, Zara, Flipkart, Nike, Uber, and BookMyShow.
The credit card, powered by Mastercard, also comes with a three-month subscription to Swiggy One, a service that eliminates delivery charges for users. Additionally, customers will receive 1% cashback on all other spends. Swiggy further mentioned that the card would include certain Mastercard benefits, making it a comprehensive and compelling offering for its users.
This move puts the food delivery firm in the company of several other non-fintech Indian startups that have ventured into the credit card market in recent years. For these startups, offering credit cards serves as a means to diversify their revenue streams, leverage customer data, and encourage spending.
Customized benefits offered through these credit cards help foster deeper customer loyalty and serve as a strategic entry point into the growing middle-class market in India. With intense competition in the industry, such initiatives become essential for sustained growth. Even Zomato has made similar forays into the credit card space.
Rahul Bothra, the company’s CFO, highlighted the significance of consumer rewards, offers, and cashback programs that enhance the overall shopping experience. By partnering with HDFC Bank and Mastercard, Swiggy aims to make everyday spending across various categories more rewarding and convenient for its valued customers. This move aligns with their customer-centric approach, catering to the evolving demands and preferences of modern consumers.
