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Paytm launches Food Wallet to allow companies transfer reimbursements for employees

The Food Wallet will eliminate the cumbersome task of filing for food reimbursements every month.

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Paytm has launched a Food Wallet to let employers transfer food allowance for their employees directly to the platform, to help the latter save on tax. 

In March, Mobikwik had launched a similar product called ReMP - Employee Reimbursement Management Product which allowed a company's human resources department to transfer food, travel, and medical expenses directly to the wallet. It will also eliminate the cumbersome task for employees to file food reimbursement slips every month. 

"This new innovation will help companies pass on food allowance to employees under the government-approved tax-redemption bracket," Paytm said in a statement. 

The Food Wallet will be a part of the Paytm app and the allowance would be digital, just like transferring money from your own account to Paytm for other transactions. 

Paytm's Food Wallet will take on Sodexos and Ticket Restaurant that provide employers with physical coupons that can be handed out to employees. This will eliminate the need to collect, distribute, and use of coupons which is time consuming. "The Food Wallet would also eliminate loss and expiry", that comes with coupons. 

The Food Wallet will have a 'nearby' option which will direct customers to nearby restaurants. It can also be used at office cafeterias, Paytm said. 

Just like the Paytm payments wallet, customers can check their balance realtime. 

The Paytm Food wallet is live at certain corporates, the company said. 

Speaking at the launch, Kiran Vasireddy, Senior. Vice President – Paytm said, “Paytm food wallet will revolutionize the traditional meal voucher space and will benefit all stakeholders – employers, employees and food retailers. Corporate employees can now pay for their food and beverages using their mobile on the go and keep a track of all payments made on the app. This will offer great convenience when compared to the traditional instruments like paper vouchers and will have tax benefits too.”

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