Paytm, leading digital wallet in India has come up with Food Wallet on its app. This feature is designed for corporate so that the employees can benefit tax free food vouchers and meal coupons.
Other contenders in the same arena
This new service is originated in order to contend some preexisting players in this arena like Ticket restaurant and Sodexo that supply physical coupons. With this feature the employers can directly top-up the credits for their employees on a flexible daily, monthly or quarterly basis.
App for employee with complete suite
Senior Vice President of Paytm, Kiran Vasireddy said,
“The biggest incentive for corporate to use our Food Wallet is the convenience it offers. Employers can use their laptops to instantly transfer money to food wallets of employees based anywhere in the country without any hassles of procuring, handling and distributing bulky coupons and cards. The Food Wallet comes with the complete suite of in-app security features available on Paytm such as app lock password, two-factor authentication and passcode among others”.
All prepaid vouchers will be digital
Guidelines issued by RBI during the first quarter of the year pointed that all prepaid meal vouchers should go digital by the end of this year. Ticket restaurant and Sodexo have already started implementing the same. Paytm is targeting the 6 million employee base with it’s launch.
Kiran additionally said that,” The Food Wallet was launched at the right time, helping employees track their expenses”.
Benefits proffered by app
Employees can check available balance and can locate shops and outlets that would accept payment by using the nearby feature present in the wallet. The wallet can be used at an online as well as physical outlet of Paytm and at office cafeterias as well. These include Burger King, KFC, Zomato, Café Coffee day, Big Bazaar, and Pizza Hut.