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Sky News AU
5 days ago
- Business
- Sky News AU
Sydney startup Pyng pushes fee-free QR payments as RBA moves to scrap surcharges - but experts warn of hidden risks
An Australian start-up is launching fee-free QR payments to help shoppers get around the cost of paying by debit or credit card – but experts have warned the technology is not without risks. The start-up offers a solution to customers and small businesses who say they'll be left covering the costs caused by the Reserve Bank of Australia's proposal to ban card surcharges. Sydney restaurant Ipoh Hawker charges customers a flat one per cent surcharge, but owner Justin Ng says the restaurant still absorbs part of the bill. "I think on average we pay about 1.5 per cent. We're actually dipping into our pocket every single time someone settles through the card," Mr Ng told Sky News Australia. "It's not ideal at all, but the reality is we work on paper thin margins. I would reluctantly have to increase my prices." Chinta Ria restaurant owner Susanne Goh says paying surcharges is "just a way of life at the moment". Businesses are turning to alternative payments methods - like Sydney startup Pyng - which uses a QR code for transactions. The app links a customer's bank account directly to the merchant's at zero cost. Pyng founder Dipra Ray says the app removes the cost of middlemen. "When I send you money through pay ID... it doesn't cost you a cent and it doesn't cost me a cent. So why does it suddenly change when I go to a shop?" Mr Ray said. "The actual underlying technology to do transactions is relatively cheap. It's just that there are far too many middlemen in the middle taking their profits." The company's goal is to get two million small businesses on board. "In the future, our plan is to charge a very small fixed fee if required to be able to cover our costs. "But you know, we're not trying to be as greedy as the banks. We're just trying to create a non-disruptive way of making payments." Visa's Oceania group country manager Alan Machet says QR transactions may not carry the same protections if things go wrong. "There always is a catch and I referenced earlier the zero liability set up for visa cardholders," Mr Machet told Sky News. "If it wasn't you who did the transaction, you're never liable. One of the benefits we have is exactly that security - the mechanism to dispute." Independent Payments Forum Co-Founder Brad Kelly has submitted an enquiry to the RBA about consumer protection for account-to-account payments. "There are no standards around QR codes, there is no security around QR codes, there is no standard customer experience," he said. "Obviously for a litre of milk, we don't need consumer protection. But if you're buying an airline ticket and there is a risk between the time you pay for it and the time you get the goods - you're protected. And that is part of the Visa, Mastercard, Eftpos rules." The RBA is accepting feedback on the proposed policy options until August 26. The surcharge ban is scheduled to take effect from July 2026.
Economic Times
20-06-2025
- Business
- Economic Times
Swiggy pilots travel and lifestyle concierge app Crew
Swiggy has launched a travel and lifestyle concierge app, Crew, on a pilot basis, according to information about the app published on Google Play Store. This marks the Bengaluru-based company's entry into a new business after food delivery, dining out, quick commerce and professional services. The app, which involves human concierges in addition to generative artificial intelligence (AI), helps users plan trips, going beyond simply suggesting itineraries.A Swiggy spokesperson did not comment on the year, ahead of its initial public offering (IPO), the company had started testing Rare Life, a personalised concierge service focused on elite and exclusive experiences. However, this project was discontinued after Swiggy decided not to scale it up beyond a small cohort. In January, the company rolled out professional services marketplace Pyng, signalling that it was following a house of apps strategy similar to Chinese tech giants Alibaba and Meituan, which have also had multiple apps for various services. This is in contrast to the 'superapp' strategy, where consumers are expected to come for one basic use-case and transact across multiple services. Also, superapps are yet to see any noteworthy success at scale in Crew and Pyng, Swiggy now has the main app, which houses food delivery, quick commerce, dining out and its events platform Scenes. The quick commerce unit, Instamart, also got a separate app in launch of Crew was first reported by Entrackr. Swiggy recently suspended its peer-to-peer parcel delivery service Genie, which was available in 70 cities. The company has also licenced its cloud kitchen brands to food service outfit Kouzina, with plans to fully transfer these businesses upon fulfilment of certain conditions. On Friday, Swiggy shares ended 3.1% higher at Rs 385.90 on the BSE.
Time of India
20-06-2025
- Business
- Time of India
Swiggy pilots travel and lifestyle concierge app Crew
Swiggy has launched a travel and lifestyle concierge app, Crew, on a pilot basis, according to information about the app published on Google Play Store. This marks the Bengaluru-based company's entry into a new business after food delivery, dining out, quick commerce and professional services. The app, which involves human concierges in addition to generative artificial intelligence (AI), helps users plan trips, going beyond simply suggesting itineraries. A Swiggy spokesperson did not comment on the development. Last year, ahead of its initial public offering (IPO), the company had started testing Rare Life, a personalised concierge service focused on elite and exclusive experiences. However, this project was discontinued after Swiggy decided not to scale it up beyond a small cohort. In January, the company rolled out professional services marketplace Pyng, signalling that it was following a house of apps strategy similar to Chinese tech giants Alibaba and Meituan, which have also had multiple apps for various services. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories This is in contrast to the 'superapp' strategy, where consumers are expected to come for one basic use-case and transact across multiple services. Also, superapps are yet to see any noteworthy success at scale in India. Besides Crew and Pyng, Swiggy now has the main app, which houses food delivery, quick commerce, dining out and its events platform Scenes. The quick commerce unit, Instamart, also got a separate app in January. The launch of Crew was first reported by Entrackr. Swiggy recently suspended its peer-to-peer parcel delivery service Genie, which was available in 70 cities. The company has also licenced its cloud kitchen brands to food service outfit Kouzina, with plans to fully transfer these businesses upon fulfilment of certain conditions. On Friday, Swiggy shares ended 3.1% higher at Rs 385.90 on the BSE.
Hans India
29-05-2025
- Business
- Hans India
Swiggy shares plunge 41 pc, trade below IPO price
Mumbai: Swiggy's stock has taken a sharp hit in 2025, falling by 41 per cent, so far, this year and trading below its IPO listing price since February 6. The drop reflects growing investor concerns over widening losses, rising competition, and uncertainty around the company's path to profitability. In the January-March quarter (Q4) of FY25, Swiggy reported a net loss of Rs 1,081 crore, a significant downward slide from Rs 799 crore in the same period last fiscal. This widened quarterly loss came despite an increase in order volumes and rising revenue, as heavy investments in its quick commerce segment continue to weigh on overall performance. The company's annual losses also surged, reaching Rs 3,116 crore in FY25, up 35 per cent from Rs 2,350 crore in FY24, according to its latest regulatory filings. Adjusted EBITDA loss stood at Rs 732 crore for the March quarter, driven by aggressive growth spending in Swiggy's quick commerce business, particularly through Instamart. While Swiggy's revenue rose to Rs 5,609 crore in the March quarter -- up from Rs 3,668 crore a year ago -- analysts remain concerned about the company's ability to control cash burn and turn a profit. Competitors like Zomato, through its Blinkit arm, have ramped up their presence in the quick commerce space, putting additional pressure on Swiggy's margins. Swiggy CEO Sriharsha Majety defended the company's performance, calling FY25 a 'year of many firsts,' highlighting the launch of new apps like Instamart, Snacc, and Pyng. He noted, 'Our food delivery engine delivered best-ever results across innovation and execution, driving category-leading growth and rising profitability in lockstep.' He also said the out-of-home consumption business became profitable in Q4. Despite these positive developments, the market remains sceptical. Swiggy has not regained momentum post-IPO and has spent nearly four months trading below its debut price. Brokerages note that while the core food delivery segment remains stable, the quick commerce division -- though fast-growing -- continues to be the main drag on profitability.
Time of India
12-05-2025
- Business
- Time of India
Swiggy shares in focus after Q4 losses double to Rs 1,081 crore
Swiggy shares will be in focus on Monday after the food delivery platform reported a sharp widening of its net loss for the fourth quarter. Losses nearly doubled to Rs 1,081 crore, compared with Rs 554 crore in the same period last year. However, revenue from operations rose 45% year-on-year to Rs 4,410 crore. The rise in losses was mainly driven by increased spending on Swiggy's quick commerce business, Instamart, amid intensifying competition from Blinkit and Zepto. The company ramped up investments in customer acquisition, dark store expansion, and marketing to defend market share, resulting in higher operating expenses. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like There are holes in her heart! Please help my daughter! Donate For Health Learn More Undo The gross order value (GOV) surged 40% YoY to Rs 12,888 crore in Q4FY25, driven by strong growth across its business verticals. However, the company's consolidated adjusted EBITDA loss widened to Rs 732 crore, due to ramp-up of investments in Instamart. Food delivery business The food delivery business reported a 17.6% YoY growth in GOV, reaching Rs 7,347 crore. Adjusted EBITDA margins for the segment improved to 2.9% of GOV, compared with just 0.5% a year ago. Live Events The growth was supported by innovative offerings, including the premium subscription program One BLCK and faster deliveries through the Bolt service, which now powers 12% of all food delivery orders. Instamart Quick-commerce, which operates under the Instamart brand, continued its rapid expansion, with GOV growing 101% YoY to Rs 4,670 crore. The business added 316 new dark stores, exceeding the cumulative dark stores added over the past eight quarters, and expanded its service footprint to 124 cities. Despite the growth, Instamart's contribution margin declined to -5.6%, compared to -4.6% in the previous quarter, as Swiggy ramped up customer acquisition and network expansion. Adjusted EBITDA loss for Instamart rose to Rs 840 crore, driven by higher operating costs associated with new stores and aggressive market expansion. Out-of-Home Consumption Swiggy's out-of-home consumption segment turned profitable, recording a 42% YoY growth in GOV and achieving an adjusted EBITDA margin of 0.3% of GOV. On the user front, the platform's average monthly transacting users (MTUs) grew 35% YoY to reach 19.8 million, with 35% of users utilising more than one service on the platform. This multi-service usage has been a key driver of customer retention and growth. "FY25 was a year of many firsts for Swiggy, with the launch of new services like Instamart, Snacc, and Pyng," said MD & Group CEO Sriharsha Majety. The company said its focus on scaling Instamart, expanding its out-of-home consumption business, and improving efficiencies in food delivery are expected to remain key growth drivers in the coming quarters. However, the challenge of managing losses in the quick-commerce segment will be a critical area to watch. Swiggy shares price target As per Trendlyne data, the average target price of the stock is Rs 455, which shows an upside of 45% from the current market prices. The consensus recommendation from 21 analysts for the stock is a 'Buy'. ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
