Popular mobile wallet, Paytm has launched a ‘Food Wallet’ feature that looks to help companies transfer food reimbursements to their employees under a tax-free bracket. NDTV reports that the move also aims to target services like Sodexo and Ticket Restaurant, by making food allowance a digital affair, preventing the loss of coupons or expiry.
With its new feature, the mobile payments giant taps the Rs. 25,000 crore tax-free allowance market. Food Wallet shows you your real-time balance, and also provides a list of partnered food outlets in the vicinity, via the Nearby feature. With it, employers can send money to employees residing anywhere in the country. Further, CEO Vijay Shekhar Sharma said Food Wallet will even recognise your payments at a food or beverage outlet. In fact, you can use the feature at all partnered spots. Working with outlets like KFC, Burger King and even Big Bazaar, the wallet cancels the need for physical coupons.