Swiggy has partnered with India's largest private sector lender HDFC bank to launch a co-branded credit card. The card will be hosted on the Mastercard network. The food delivery app has also introduced an eye-catching offer of 10% cashback on all food delivery, grocery delivery under Instamart and its dining out platform Dineout.
The Paytm and Tata Neu cards are also in partnership with HDFC bank. The cashback that Swiggy is offering is much more than its competitors Amazon, Flipkart, Paytm and Tata Neu. These co-branded credit cards offer only 5% of cashback. Swiggy is also set to offer a 5% cashback on shopping across other e-commerce platforms such as Amazon, Flipkart, Myntra, Nykaa, Ola, Uber, PharmEasy, NetMeds, BookmyShow, and several others.
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This cashback offer, however comes with a catch. The cashback will be in the form of Swiggy money, which will force the customers to use Swiggy more.
The credit card launch and the aggressive cashback offers is happening at a time when Swiggy is gradually losing market share to Zomato and its grocery delivery platform Blinkit. The credit card could help cultivate loyalty and drive up its usage.