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Paytm Adds Tax-Free Food Wallet Feature to its Apps

Paytm Adds Tax-Free Food Wallet Feature to its Apps

Digital payment service Paytm has rolled out the Food Wallet on the app. The feature is meant for corporates to issue tax- free meal coupons and food vouchers, which are currently done through coupons issued by Sodexo and Ticket Restaurant.

According to Paytm, 60 lakh Indians struggle to file their food voucher claims every year because of easily spoilt paper coupons, low acceptability, and expiry dates. "Being a part of the Paytm app, the food credit is digital and eliminates risks of loss and expiry", says Paytm in the latest blog post .

To access the Food Wallet, simply go to the 'Passbook' option on your Paytm app, where you can find your Food Wallet balance.The Paytm Food Wallet can be easily redeemed at office cafeterias and a wide range of merchants such as KFC, Burger King, Zomato, Swiggy, Pizza Hut, Cafe Coffee Day and Big Bazaar among others. In addition to the ease and convenience, employees will also enjoy added benefits like exclusive deals, discounts and cashbacks.

The Food Wallet comes with the complete suite of in-app security features available on Paytm such as app lock password, two factor authentication and passcode among others. The Food Wallet is also valid for payments at a grocery store, super market, fast food joint, fine dining restaurant or a pub. Paytm's new initiative comes in the background of RBI guideline issued in March this year, that states all prepaid meal vouchers should go digital by end of 2017.

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