Paytm launches Food Wallet to allow companies transfer reimbursements for employees

Paytm has launched a Food Wallet to let employers transfer food allowance for their employees directly to the platform, to help the latter save on tax.

In March, Mobikwik had launched a similar product called ReMP – Employee Reimbursement Management Product which allowed a company’s human resources department to transfer food, travel, and medical expenses directly to the wallet. It will also eliminate the cumbersome task for employees to file food reimbursement slips every month.

“This new innovation will help companies pass on food allowance to employees under the government-approved tax-redemption bracket,” Paytm said in a statement.

The Food Wallet will be a part of the Paytm app and the allowance would be digital, just like transferring money from your own account to Paytm for other transactions.

Paytm’s Food Wallet will take on Sodexos and Ticket Restaurant that provide employers with physical coupons that can be handed out to employees. This will eliminate the need to collect, distribute, and use of coupons which is time consuming. “The Food Wallet would also eliminate loss and expiry”, that comes with coupons.

The Food Wallet will have a ‘nearby’ option which will direct customers to nearby restaurants. It can also be used at …read more