Paytm has forayed into the meal voucher market by rolling out Food Wallet right inside the Paytm app. The Food Wallet is aimed at providing tax-saving opportunities to corporate employees.
Employers will be able to directly top-up the credits for their employees on a flexible daily, monthly or quarterly basis by using Food Wallet that is now seen in the ‘Passbook’ option on your Paytm app. You can also locate the closest food outlet using the ‘nearby’ feature on the app.
The Paytm Food Wallet can be easily redeemed at office cafeterias and a wide range of online and physical merchants. The list includes KFC, Burger King, Zomato, Pizza Hut, Café Coffee Day and Big Bazaar among others. Employees will also enjoy added benefits like exclusive deals, discounts and cashbacks. Employers can instantly transfer money to food wallets of employees based anywhere in the country. The Food Wallet comes with similar in-app security features available on Paytm such as app lock password, two factor authentication and passcode among others.
It must be noted that the Food Wallet is valid for payments related to food and beverages only and hence can be used to pay at a grocery store, super market, fast food joint, fine dining restaurant or a pub. With Food Wallet, Paytm is directly competing with services like Sodexo, Ticket Restaurant, Zeta among others. RBI has also said that all meal-voucher companies must switch over to electronic formats by year-end.