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Paytm Introduces Food Wallet, Gives Tough Fight To Sodexo

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On Monday, The digital payments company Paytm (One97 Communications) announced the launching of Paytm Online Food Wallet. It helps companies to sort out instant and tax-free food allowances to employees.

Sodexo and Ticket Restaurant handle the process of food coupons of employees. The RBI released guidelines for digitization of coupon operators by end of May 2017.

The new food wallet by Paytm allows employers to pass food allowances of employees under the approved tax redemption bracket of Government. You can find the food wallet in the Paytm application and all the food allowances passed will be digital, removing the problems like loss of data and expiry.

This digitization process banishes the distribution of bulky cards and coupons.

The food wallet can be redeemed at office cafeterias, many online and offline stores like KFC, Cafe Coffee Day, Burger King and Big Bazaar. This also allows employees to use multiple benefits which include exclusive discounts, deals, and cash backs.

In this food wallet, Paytm also embedded a Nearby feature so that it allows the employees to search for nearest food outlets. The food wallet icon can be seen below the passbook option in the Paytm app. The food wallet balance can also be used at supermarkets, grocery stores, restaurants and pubs (T&C applicable).

The employee can opt to pay out daily, monthly or quarterly. Paytm is not the first to introduce the online food vouchers, Mobikwik launched its product ReMP which automates HR in reimbursing the travel, medical and food expenses of employees fastly.

By the launching of Digital Food wallets, the online payments legend Paytm opened its new sector and will give tough competition to existing coupon providers Sodexo and Ticket Restaurant.

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