Paytm introduces food wallet, aims at hitting the likes of Sodexo
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.
Earlier this process was highly dependent on meal vouchers and coupon players like Sodexo and Ticket Restaurant. However, in March this year, the RBI released guidelines asking meal coupon operators to be digitised by the end of 2017.
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.