- April 17, 2017 / 3 min readAccording to Paytm, this will help employers pass on food allowance to employees under the government-approved tax-redemption bracket.
In an effort to tap into the Rs 25,000 crore 'tax-free allowance' market, mobile wallet company Paytm has rolled out a 'food wallet' to replace the traditional meal voucher and provide tax-saving opportunities to corporate employees.
According to Paytm, this will help employers pass on food allowance to employees under the government-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, eliminating risks of its loss or expiry.
The company said, "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."
In addition to the 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.
Kiran Vasireddy, Senior Vice President, Paytm, said, "Paytm food wallet will change traditional meal voucher space and will benefit all stakeholders — employers, employees and food retailers."Trending ArticleDaily UpdatesWhich is the highest format preference of Fun-Seeker?
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