Noida-based Paytm, which is an ecommerce and payments platform, is exponentially growing its vast area of payment simplifications. The famous digital wallet player in India has rolled out the Food Wallet feature on the Paytm app meant for corporates to issue nontaxable employee benefits such as food vouchers and meal coupons.
The fresh line of business will compete directly with current players like Sodexo and Ticket Restaurant which are currently issuing physical coupons.
This move will allow corporations to pass on food allowances to staffs under the Government-approved tax-redemption bracket. The allowance on the Food Wallet will be digital, abolishing the risk of loss and expiry. The Food Wallet will be integrated and available in the Paytm app itself.
Commenting on the initiative 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– employees, employers, 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.”
Employees will be able monitor balance in real-time in the app’s passbook and they can also locate outlets around them with the ‘Nearby’ feature. The wallet can be used at workplace cafeterias, online, and physical traders including small standalone outlets. The list includes Burger King, KFC, Pizza Hut, Café Coffee Day, Zomato, and Big Bazaar among others. Users will also have access to added benefits like discounts, exclusive deals, and cashback.
Also, employers can transfer money instantly via the food wallet. The Food Wallet is valid for payments linked to beverages and food only so can be used at a super market, grocery store, fast food joint or fine dining restaurant.