Paytm, a popular online payment portal, has launched the ‘Food Wallet’ on the Paytm app. This will provide tax relief to corporate employees.
Virtual Food Wallets
At present, corporate employers provide their employees meal vouchers, pre-paid cards and coupons from companies like Sodexo and Ticket Restaurant.
The Paytym Food Wallet will allow companies to fill credit directly into their employees’ virtual wallets; the top ups can be done daily, monthly or quarterly.
“The biggest incentive for corporates 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,” said Kiran Vasireddy, the senior vice president at Paytm.
With Paytm Food Wallet, Companies can now roll out tax-free food allowance to employees instantly. pic.twitter.com/2ZEawM2P8s
— Paytm (@Paytm) April 17, 2017
“Paytm’s food wallet comes with a unique interface where employees can see on 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,” the company said in a statement.
As well as offering customers’ better convenience, another advantage of using the Paytm Wallet is possible tax saving opportunities. Using the Wallet, employers can give their employees food allowances under tax-redemption brackets.
The Paytm Wallet is already being used at some corporate offices.