Paytm, one of the most famous digital wallet is now rolling out a brand-new Food Wallet feature on its mobile app. Emphasizing on its business expansion Paytm decided to come up with this idea, targeting corporates to issue tax-free employee benefits such as meal coupons and food vouchers.
With the release of Food Wallet, existing players like Ticket Restaurant and Sodexo are going to face a big-time competition. Currently Sodexo and Ticket Restaurant provides physical food coupons to customers. Playing smart and keeping in mind the difficulty experienced while carrying physical coupons, Paytm decided to come up with the digital variant of it.
Taking the lead, Paytm’s Food Wallet allows employers to directly top-up credits for their employees. The top up being flexible can be done on a daily, monthly or quarterly basis. Owing to the flexibility of the Food Wallet, it allows employers to transfer credits to employees both instantly and anywhere in that world, that too with a click of a button. This clearly eliminates the challenges and hustle bustle of handling and distributing physical coupons.
Senior Vice President of Paytm, Kiran Vasireddy, said “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”.
Using Food Wallet, user can easily track their available balance. Not only this, it also gives an information of the outlets that accept payments using the ‘nearby’ feature on the Food wallet.
Currently users can use Food Wallet at office cafeterias and at the physical and online outlets parts of the Paytm network. Some of the examples of it are KFC, Burger King, Zomato, Pizza Hut, Café Coffee Day and Big Bazaar.
Paytm’s Food Wallet is currently targeting 6 million employee base. Per some guidelines given by RBI, all the existing food wallets must go digital by year end. Some companies like Sodexo etc are already making a move to the prepaid card format.
Already live in almost 10 corporate firms and knocking into a ‘tax-free allowance’ market of almost 25000 crores, Paytm majorly aims at transforming the traditional system of physical coupons into digital, thereby providing tax-saving opportunities to corporate employees.