Now both Food delivery Giant i.e, Zomato and Swiggy discontinued their wallet powered by RBL and ICICI respectively. The reason stated by both are same. There was mutual deal between food delivery Company and Bank to close the wallet. Maybe, there some regulatory direction by RBI which impose such stoppage.
There is also some myth stating its a pre-planned strategy of Zomato and Swiggy to collect consumer sensitive information by means of registering to the wallet. But that is totally wrong, because at time of kyc, sensitive details are never shared with company. Verification agency uses smart encrypted technology so that no one except computer can see users' details.
After closure, such wallets are converted into new form called as Zomato Money and Swiggy Money powered by Qwikcilver and Razorpay respectively . In straight words, now they have their own Giftcards instead of past wallets. Users can buy Giftcards from anywhere at discounted price (GET DISCOUNTED GIFTCARD FROM MAGICPIN) and redeem it via adding as giftcard balance under the zomato and swiggy app. Such giftcards are 16 digits code followed by a pin.
You were interesting to know that Giftcard acts like a loan for company. Company issue giftcard in consideration for cash. Such cash is an advance for the company which helps in running business operation. Borrowers gives interest on borrowing (12-24% p.a.) and here , instead of interest such giftcard company gives discount on issuing such instrument. This system gives benefits to both customers and firm.
If you are worry about your unused wallet money (now closed) , then dont take stress your money is still safe. Swiggy converted such unused balance into the new Swiggy Money account. Also, in case of zomato , you can claim refunds for such unsed money via mailing to ppihelpdesk@rblbank.com
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