This feature will offer tax-free employee benefits such as meal coupons and food vouchers, reported The Economic Times.
The new line of business will compete directly with existing contenders like Sodexo and Ticket Restaurant that issues physical coupons.
With this feature, the employers can directly top-up the credits for their employees on a flexible daily, monthly or quarterly basis.
“The biggest incentive for corporates to use our Food Wallet is the convenience it offers. Employers can use their laptops to 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. The Food Wallet comes with the complete suite of in-app security feature available on Paytm such as app lock password, two-factor authentication and passcode among others,” said Kiran Vasireddy, senior vice president at Paytm.
The feature will also help employees to track available balance and locate outlets which would accept the payment using the ‘nearby’ feature on the wallet.
The wallet can be used at office cafeterias and at an online and physical outlets part of the Paytm network. These include KFC, Burger King, Zomato, Pizza Hut, Café Coffee Day and Big Bazaar among others.
The feature is live in over 10 corporate offices, said the company representatives. Paytm app currently has over 200 million users.