Paytm, India’s largest digital payments company, has launched a first-of-its-kind Food Wallet to provide tax-saving opportunities for corporate employees. This new feature will help companies pass on food allowance to employees under the government approved tax-redemption scheme.
Food Wallet will be available on the Paytm app and the allowance passed on to employees will be digital. This would eliminate risks of loss and expiry.
Every working Indian is eligible for a tax-free food allowance of Rs.50 per meal up to Rs.2,200 per month. However, between easily spoilt paper coupons, low acceptability and expiry dates, around 6 million Indians struggle to file their food voucher claims every year.
Paytm’s Food Wallet comes with a unique interface where employees can see a real time balance in the ‘passbook’ and can locate the closest food outlet in the ‘nearby’ feature on the app. This wallet can be used at office cafeterias and also at a wide range of online and physical merchants, including small standalone outlets.
The feature works with outlets like KFC, Burger King, Zomato, Pizza Hut, Cafe Coffee Day and Big Bazaar, among others. The Food Wallet offers some exclusive deals, discounts, and cashback incentives as well, and Paytm is said to have partnered with many online, physical, and small standalone outlets across the country for the new feature.
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