Introducing the Paytm Food Wallet
Companies can now roll out tax-free food allowance to employees instantly.
Every working Indian is eligible for a tax-free food allowance of Rs 50/meal up to Rs 2,200 per month. However, between easily spoilt paper coupons, low acceptability and expiry dates, 60 lakh Indians struggle to file their food voucher claims every year.
We’re rolling out a first-of-its-kind Food Wallet to make life simpler for them. Being a part of the Paytm app, the food credit is digital and eliminates risks of loss and expiry.
Simply go to the ‘Passbook’ option on your Paytm app and you can find your Food Wallet balance. 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. In addition to the ease and convenience, 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 without any hassles of procuring, handling and distributing bulky coupons and cards.
Technically employers can opt for a daily, monthly or quarterly payout option. However, most companies would prefer the monthly payout plan.
The Food Wallet comes with the complete suite of in-app security features available on Paytm such as app lock password, two factor authentication and passcode among others.
The Food Wallet is valid for payments related to food and beverages only. That means you can use it to pay whether you’re going to a grocery store, super market, fast food joint or fine dining restaurant.
Simply go to the ‘Passbook’ option on your Paytm app and you can find your Food Wallet balance.
Your food wallet credit is yours forever. Technically your company might have a tentative deadline of 10 years or beyond, but that can be extended further automatically.