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Tax compliance on top for meal card issuing companies
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Paytm's food wallet to compete with Sodexo and Ticket Restaurant
NIFTY 50 10, Drag according to your convenience. The feature is live in over 10 corporate offices, said the company representatives.
Paytm app currently has over million users. Digital wallet player Paytm has rolled out the Food Wallet feature on the Paytm app meant for corporates to issue tax-free employee benefits such as meal coupons and food vouchers. The new line of business will compete directly with existing players like Sodexo and Ticket Restaurant which issue physical coupons at present.
With this feature the employers can directly top-up the credits for their employees on a flexible daily, monthly or quarterly basis. 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 featu res available on Paytm such as app lock password, two-factor authentication and passcode among others," said Kiran Vasireddy, senior vice president at Paytm.
ET reported in March that RBI has issued guidelines for all prepaid meal vouchers to go digital by end of with companies like Sodexo and others already moving to a prepaid card format.