Moneycontrol News
Mobile wallet company Paytm has now rolled out a ‘food wallet’ on its app to tap the Rs 25,000 crore market. This will compete with traditional meal vouchers and also provide tax-saving opportunities to corporates.
Paytm will compete with existing players like Sodexo and Ticket
Restaurant, which issue physical vouchers.
The food credit will be digital and help reduce risk of loss and expiry as is the case with paper vouchers.
“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,” the company said in a blog post.
With convenience, the employees will also be able to enjoy exclusive deals, cashbacks and discounts.
The employers will be able to transfer money directly into the food wallet of employees without having to deal with bulky coupons or cards.
Paytm further said that the wallet will come with in-app security features available on Paytm like passcode and two-step authentication.
“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,” Paytm said.
In March this year, Reserve Bank of India had issued guidelines for all prepaid all meals voucher companies to go digital by 2017-end. Sodexo and others are already moving towards prepaid card.
Paytm currently has over 200 million users.
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