End of traditional food coupons? Paytm food wallet used in over 550 companies

With digital transactions on the rise, Paytm recently announced that it is providing food wallet solution to over 550 companies across the country. Paytm food wallet which was launched somewhere around April last year is now serving companies like L’Oreal, Hero Motocorp, Quess Corp, KPIT, Allsource Technologies, Shoppers Stop, GAP, Big Basket and OML among others

Commenting on the achievement, Renu Satti, MD and CEO of Paytm Bank, said, “We have always focused on bringing customer-centric products that make life simpler for one and all. Our Food Wallet solution launched last year has received an exciting response from both corporates and employees, and is set to power cashless food allowance for millions of working professionals. We will continue partnering with companies from diverse domains and offer the entire suite of tax-saving allowances and employee solutions.”

Paytm food-wallet has been helping employees, employers and merchants through its services, the company claims. In Paytm food wallet employers can transfer money across the country to their employees’ food wallets, while the users can spend money on food using their mobile and keep a track of their spending. The company claims to leverage its partner merchant network to help corporates avail the services over traditional food coupons. This helps them save the cost of distribution, handling and procurement.

In its release, the fintech company further stated to be expanding in other tax allowance offerings like gift wallet, fuel waller, communication wallet, among others. The company has partnered with firms like KFC, Pizza Hut, Zomato, Cafe Coffee Day, Big Bazaar, among others enabling users to spend the food wallet cash on partner stores.

According to recently published report by statista, the transaction value of the fintech market will touch $52,121 million this year with a growth rate of 17.6 percent CAGR. Further, the market is expected to reach $99,802 million by 2022. The report added that Digital Payments, including Mobile POS Payments & Digital Commerce, Online Crowdfunding, and P2P lending platforms for businesses & personal loans are poised to grow this year.

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