Zomato, a prominent food and grocery delivery company, has unveiled a strategic partnership with ICICI Bank to introduce its very own unified payments interface (UPI) offering called Zomato UPI. The primary objective of this collaboration is to enhance the payment experience for Zomato users by providing them with a seamless and integrated payment solution within the Zomato app itself, eliminating the need to switch to external payment apps.
The introduction of Zomato UPI aims to streamline the payment process by eradicating the inconvenience of redirecting users to popular payment apps such as Google Pay or PhonePe. Within the Zomato app, users can now easily sign up and create their own UPI IDs, enabling them to complete their orders and make payments in a hassle-free manner on the same platform. This feature is designed to improve convenience and efficiency for customers, ultimately enhancing their overall experience.
Another significant goal of launching Zomato UPI is to reduce the reliance on cash-on-delivery (COD) orders. COD orders often pose challenges for companies due to the complexities involved in managing cash transactions and the associated costs. Zomato intends to tackle these issues by offering a more streamlined and digital payment experience through its UPI platform. By encouraging customers to opt for UPI payments over COD, Zomato aims to improve its operational efficiency and offer a more convenient payment option.
By developing its own UPI offering, Zomato gains more control over the payment success rate, reducing its dependence on third-party payment apps and their functionalities. This move enables Zomato to provide a seamless payment experience to its customers, potentially leading to increased customer satisfaction. As the food delivery market becomes more competitive, prioritizing customer satisfaction becomes crucial for sustaining growth and maintaining a competitive edge.
Zomato has chosen to collaborate with ICICI Bank, one of India’s largest private banks, to leverage their expertise in digital payments and banking services. This partnership ensures the development of a secure and efficient payment infrastructure for Zomato UPI. By joining forces with a trusted banking partner, Zomato showcases its commitment to delivering innovative and user-friendly solutions to enhance the overall customer experience.
How To Use Zomato UPI
Media reports indicate that the exact number of users with access to Zomato UPI is currently unknown. However, users can check whether they have access to Zomato UPI by navigating to the profile section within the Zomato app. It is possible that Zomato Gold members may have a higher likelihood of seeing the Zomato UPI option compared to non-Gold users.
To utilize Zomato UPI, users should follow a few simple steps.
Firstly, open the Zomato app and proceed to the profile section.
Next, scroll down until the ‘Zomato UPI’ option is located.
If the option is visible, click on ‘Activate Zomato UPI,’ which will direct users to a new page.
On this page, users have the option to enter their preferred UPI ID or choose from the provided options within the app.
After activating Zomato UPI, users need to verify their phone number and select the SIM card associated with their bank account. Finally, users can add the desired bank account to enable quick payments. Once these steps are completed, users will have successfully set up and activated Zomato UPI, making it ready for use within the Zomato app.
Currently, in its pilot phase, Zomato UPI allows the company to assess adoption rates and gauge customer engagement. Depending on the success and reception of the feature, Zomato may explore further collaborations with additional banks or proceed with a gradual rollout of the service. The introduction of Zomato UPI represents a significant step towards reducing reliance on dominant players like PhonePe, Google Pay, and Paytm, who currently dominate the UPI market.
The in-app UPI offering eliminates the need to switch to external payment apps, reduces reliance on cash on delivery orders, provides enhanced control over payments, and promotes customer satisfaction. By leveraging ICICI Bank’s expertise, Zomato seeks to deliver a secure and efficient payment solution. The success of Zomato UPI during the pilot phase will determine its future expansion and potential impact on the UPI market landscape.