Noida-based mobile wallet Paytm has rolled out a new feature– Food Wallet on its mobile payment app. The app is meant to replace food coupons and vouchers in the corporates and would allow the employers to credit tax-free food allowance to their employees instantly.
“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, the mobile wallet wrote in a blog post.
To access food wallet balance, all you have to do is go to the ‘Passbook’ option on your Paytm app and click on ‘Food Wallet balance’. You can also use the ‘nearby’ feature on the app to locate the food outlets near your location.
‘The Food Wallet can be redeemed at the office cafeterias, online and physical merchants including KFC, Burger King, Zomato, Pizza Hut, Café Coffee Day and Big Bazaar among others’, Paytm added in its blog post. The employees will also get exclusive deals, discounts and cashback on using the food wallet. Also, employers can also opt for a daily, monthly or quarterly payout option for their employees.
The best part about the app is that there is no expiry limit of the balance in the app. According to Paytm, the tentative deadline of the food wallet credit is 10 years, which will be extended further automatically.
The new feature directly competes with the likes of Sodexo and Ticket Restaurant that provide physical food coupons to the customers.