Zomato, the popular food delivery and restaurant discovery platform in India, has launched its own Unified Payments Interface (UPI) offer. This move adds yet another layer to the company’s digital payments ecosystem and may make it easier for customers to pay for food and other services. Here’s a closer look at what this new offer entails.
What is Zomato’s new UPI offer?
Zomato’s UPI offer involves a cashback when customers use the UPI payment option to order food or other services on the platform. The offer provides a 5% cashback on orders up to Rs. 200. Customers can use the offer up to five times within a month. The cashback is credited to the customer’s Zomato credits account, which is designed to encourage repeat orders on the platform.
How does the UPI offer work?
To take advantage of Zomato’s UPI offer, customers need to follow these steps:
– Place an order on Zomato and select the UPI payment option.
– Choose to use their existing UPI ID or create a new one if they don’t have one.
– Complete the transaction using their UPI ID.
– Wait for the cashback to be credited to their Zomato credits account.
Customers can then use the credited amount to order food or other services through the platform. They can also use the Zomato credits to pay for their next order.
Why did Zomato launch this UPI offer?
The move to launch its own UPI offer is part of Zomato’s ongoing efforts to strengthen its digital payments ecosystem. The company has already integrated various payment options into its platform, including credit and debit cards, net banking, and mobile wallets. By adding UPI to the mix, Zomato is offering customers a more convenient payment method, making it easier for them to place orders and pay for food and other services.
In addition, the UPI offer is also aimed at encouraging customers to order more frequently on the platform. By providing a cashback in the form of Zomato credits, the company is incentivizing customers to place orders more often. This may help boost Zomato’s revenue and market share in the highly competitive food delivery market in India.
What are the benefits of using UPI?
UPI is a digital payment system developed by the National Payments Corporation of India (NPCI). With UPI, customers can make payments directly from their bank account to any UPI-enabled merchant. This removes the need for customers to enter their bank account details or card information, which can be time-consuming and prone to errors. UPI also offers a seamless payment experience, with transactions typically being completed within seconds.
For merchants like Zomato, UPI offers several benefits. With UPI, merchants can receive payments directly into their bank account, with no intermediary required. This can help reduce transaction costs and increase the speed at which payments are processed. Additionally, UPI supports recurring payments, making it easier for merchants to manage subscriptions and other recurring services.
Conclusion
Zomato’s new UPI offer is a welcome move for customers, who can now enjoy a more convenient and seamless payment experience when ordering food and other services through the platform. The cashback offer is likely to encourage customers to place more orders on the platform, which could help boost Zomato’s revenue and market share. In the highly competitive food delivery market in India, Zomato’s move to strengthen its digital payments ecosystem could prove to be a key differentiator in the long run.
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