Digital Payments

Zeta introduces Rupay enabled e-payment service for corporate sector

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In sync with the digital payment vogue, fintech startup Zeta has tied up with National Payments Corporation of India (NPCI) payment platform RuPay to provide e- payments in the corporate sector through its Super Card and an android app.

By using this service, companies will be able to avail Zeta’s paperless meal voucher solutions and several other services, reported The Hindu.

The Super Card is supported by the RBL Bank and it will enable employees to use their perquisites offered in the CTC package digitally and before the tax deductions, thereby saving up to Rs 80,000 annually on tax.

“Over 600 companies are using our service for their over 1 lakh employees across the country. We also have about 2 lakh individual users but we are encouraging corporate registrations because it provides tax benefits for the employees,” said Co-Founder, Zeta, Ramki Gaddipati.

Zeta ventured into public sector units from Gujarat’s GNFC, GIPCL, and IFFCO. Some of the major clients Zeta caters to include GIFT City, Adani Group, Arvind Ltd., Harsha Engineering, Kunverji.

Started with an initial investment of $19 million by the promoters, Zeta launched its services in April last year and currently registers about 26,000 transactions per day with 60 per cent of them taking place at the company cafeteria with an average ticket size of about Rs 30-40 per transaction.

 “Joining RuPay platform will further strengthen Zeta’s payment network and will also help us reach corporate as well as PSU entities with employees based in remote areas. In the next two-three years, we look to have about 2.5-3 million users,” added Gaddipati.

The company will also launch payments via UPI, Bharat QR Code and Aadhaar Pay modes, which will be available to a larger section of the salaried population with or without access to smartphones and magnetic stripe card machines.

Salaried employees across all sectors, including PSUs can now take advantage of receiving and spending tax benefits digitally even in remote locations.

 

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