The popular online restaurant discovery and food delivery service, Zomato is on its way to start its own digital wallet reports Business Standard. The wallet will allow customers the similar digital payment and mobile wallet facilities that are available with Flipkart and Amazon. The discussion for the mobile wallet came about when Ant Financial invested in Zomato according to the sources of the publication.
Digital Wallet On Zomato App
“Zomato has done phenomenally well over the years, building one service at a time. They started out with food menus, then went on to table booking and later on to food delivery. Having a wallet is only a natural progression of the product,” said Sanchit Vir Gogia, the chief executive at consultancy firm, Greyhound Research while speaking with Business Standard. “It will not only help them earn more from their customers, but will enable a long-term relationship with them, not just for food but also for other services.”
The digital wallet of Zomato is expected to be launched in the next two months and it is meant to be a wallet service to add and spend money for ordering food to be later extended to other services. The report also says that along with working on the wallet, the company is also hiring for payment and partnership roles. The wallet is being developed to retain customers and boost orders and spends.
“People using Ola Money on Ola than a Paytm on Ola typically have a higher frequency of transactions. That’s the common logic,” an anonymous senior executive with an online payments firm told Business Standard. “Also as wallets are uploaded, the money comes to the company upfront. They can also save the money that does towards the charges of using third-party wallets.”