Payments banks could create revenue cross-selling financial services: EY

While savings are core to banking, few traditional banks encourage micro-savings. According to a report by EY; adding low-value and goal-based savings products can instil a savings habit which will prove beneficial for payment banks. Aside from micro-savings, the report highlights five probable models as alternative revenue streams for payments banks, including providing an alternative mode of credit assessment and the cross-selling of financial services to their user base.

Food delivery firm Swiggy sent various delicacies at 'Mannat', the residence of Bollywood actor Shah Rukh Khan, on June 12, after he was involved in a banter on Twitter with a fan and ended up asking him whether he would send food at his residence. The sequence of action began when Khan invited fan's questions on the microblogging site for 15 minutes. Subsequently, a user asked him, "Khaana khaaya kya bhai? (Have you eaten food, brother?)". The superstar actor, in response, said "Kyun bhai aap Swiggy se ho….bhej doge kya? (Why brother? Are you from Swiggy...will you deliver it?" This prompted the official handle of Swiggy to jump into the conversation and ask: "hum hain swiggy se, bhej dein kya? (we are from Swiggy, should we deliver it?)". hum hain swiggy se, bhej dein kya??? https://t.co/iMFJcYksKU — Swiggy (@Swiggy) June 12, 2023 While Khan did not respond further to the conversation on Twitter, Swiggy posted another tweet, showing a group of delivery personnel posing for a photograph outside Mannat. The post's caption read: "hum swiggy wale hai aur hum dinner leke aagaye (We are from Swiggy and we have arrived with dinner)". hum swiggy wale hai aur hum dinner leke aagaye https://t.co/iMFJcYjUVmpic.twitter.com/swKvsEZYhC — Swiggy (@Swiggy) June 12, 2023 Founded in 2013, Swiggy is a Bengaluru-headquartered food tech company with wide presence in urban India. The company's food-delivery business turned profitable in the March quarter of FY23, after factoring in all corporate costs, excluding employee stock option costs.

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