Noida based Mobile wallet and payment bank, Paytm launched its Food Wallet on the existing Paytm application. The latest feature will allow employers to transfer food allowance in a cashless manner under the tax- free bracket.
The new service will directly compete Sodexo and Ticket Restaurant which offer physical coupons for the same.
Last month, Paytm's rival MobiKwik also launched a similar service on its platform which allows employers to transfer various expenses directly to the employee's wallet in a cashless way.
The new update will allow users to redeem vouchers at office cafeteria and a wide range of online and physical merchants including KFC, Burger King, Zomato, Pizza Hut, and Big Bazaar among others.
As per the companies blog, employees will also be provided added benefits like exclusive deals, discounts and cashbacks.
“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.” said Kiran Vasireddy, Senior. Vice President – Paytm.
The new service will enable employers to opt for a daily, monthly or quarterly payout option as per the convenience.
Backed by Alibaba Group and Ratan Tata, Paytm currently have more than 200 million users and has raised USD 760 million so far.
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