Paytm introduces food wallet, aims at hitting the likes of Sodexo
On Monday, digital payments company Paytm announced the launch of Paytm Food Wallet, for companies to roll out instant, tax-free food allowances to employees.
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.
Paytm Food Wallet allows employers to pass on food allowance to employees under the government-approved tax-redemption bracket. ‘The ‘food wallet’ will be available in the Paytm app, and the food allowance passed on to employees will be digital, eliminating risks of loss or expiry, said the official blog.