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, Senior Vice President – Paytm, Kiran Vasireddy, 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 Rs 25,000 crore tax-free allowance market sees 12 million salary returns filed every year. With this innovative product, Paytm can touch the lives of the six million 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.