With food coupons becoming common for private companies, the issues related to management have resulted in low usage. Now popular digital wallet company Paytm has introduced the Paytm Food Wallet.
Paytm has announced the launch of the Paytm Food Wallet, which would be available to companies to issue tax-free employee benefits such as meal coupons and food vouchers. Using the Food Wallet, companies can directly top-up the credits for their employees on a flexible daily, monthly or quarterly basis.
The Paytm Food Wallet can be checked on the Paytm app. Users can also locate the closest food outlet using the ‘nearby’ feature on the app. The balance can be redeemed at office cafeterias and a wide range of online and physical merchants, including KFC, Burger King, Zomato, Pizza Hut, Café Coffee Day and Big Bazaar.
The Paytm Food Wallet competes directly with Sodexo and Ticket Restaurant which currently offer paper Being digital, the wallet would reduce the issues regarding handling and expiry. The feature is apparently live in over 10 corporate offices.
Speaking about the launch, Kiran Vasireddy, senior vice president, Paytm, 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.”