Paytm has rolled out a first-of-its-kind Food Wallet to provide tax saving opportunities for corporate employees. This new innovation will help companies pass on food allowance to employees under the Govt approved tax-redemption bracket. The Food Wallet will be available in the Paytm app and the food allowance passed on to employees will be digital. This would eliminate risks of loss and expiry.
Paytm’s Food Wallet comes with a unique interface where employees can see a real time balance in the passbook and can locate the closest food outlet in the ‘nearby’ feature on the app. This wallet can be used at office cafeterias and also at a wide range of online and physical merchants including small standalone outlets. The list includes KFC, Burger King, Zomato, Pizza Hut, Café Coffee Day and Big Bazaar among others. In addition to the unmatched ease and convenience, customers can also enjoy added benefits like exclusive deals, discounts and cashback.
Employers can instantly transfer money to the Food Wallets of employees based anywhere in the country with a click of a button without any hassles of procuring, handling and distributing bulky coupons and cards. This solution is already live at some corporate offices.
Speaking at the launch, Kiran Vasireddy, Senior. Vice President – Paytm said, “Paytm food wallet will revolutionize the traditional meal voucher space and will benefit all stakeholders – employers, employees and food retailers. Corporate employees can now pay for their food and beverages using their mobile on the go and keep a track of all payments made on the app. This will offer great convenience when compared to the traditional instruments like paper vouchers and will have tax benefits too.”
India’s INR 25,000Cr Tax-Free Allowance market sees 12 Mn salary returns filed every year. With this innovative product, Paytm can touch the lives of the 6 Mn employees who struggle to file their food voucher claims every year. This is in line with its vision of making cashless transactions a way of life across India.
Paytm is India’s largest mobile payment & commerce platform. With the current user base of more than 200 million, Paytm is on a mission to bring half a billion Indians to the mainstream of the economy using mobile payment, commerce and soon to be launched payment banking services. Paytm is founded by Vijay Shekhar Sharma, and is the Consumer brand of India’s leading mobile internet company One97 Communications. Paytm is headquartered in the National Capital Region, India. The company’s investors include Ant Financial (Alipay), Alibaba Group, SAIF Partners and Mediatek.