- Over 68% of the wallet balance spent at offline food outlets including office cafeteria & restaurants
● Witnessing 50% month-on-month growth since launch`
- New Delhi, March 12, 2018: Paytm Payments Bank, India’s largest digital bank which provides zero balance accounts and zero charges on digital transactions has announced that its corporate Food Wallet solution is powering food allowance for over 550 companies across India. Launched in April last year, the solution is currently active across established corporates like VIP Industries, L’Oreal, Hero Motocorp, Altisource, Quess Corp, KPIT, Allsource Technologies, Shoppers Stop, GAP, Big Basket and OML among others.
Paytm Payment Bank’s Food Wallet solution benefits every stakeholder – the employers, employees as well as merchants. Employers can instantly transfer money to food wallets of employees based anywhere in the country, while employees can pay for their food and beverages using their mobile on the go and keep a track of their payments on the app. This convenience combined with Paytm’s vast partner merchant network has led corporates to avail the Paytm Payments Bank Food Wallet over traditional food coupons or cards that come with hassles of procuring, handling and distribution. The company is also expanding this service at a rapid rate with addition of other Tax allowance offerings like Gift Wallet, Fuel, Communication Wallet among others – the go-to service provider for all employee allowances.
Renu Satti, MD & CEO – Paytm Payments 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.”
The Paytm Payments Bank Food Wallet can be easily redeemed at office cafeterias and a wide range of online and physical merchants. The list includes KFC, Burger King, Zomato, Pizza Hut, Café Coffee Day, Big Basket and Big Bazaar among others.
About Paytm Payments Bank
India’s largest digital bank, Paytm Payments Bank is the only bank providing zero balance accounts and zero charges on digital transactions. With over 180 million savings and wallet accounts, Paytm Payments Bank aims to build a new business model in the banking industry that is focused on bringing financial services to 500 million un-served or underserved consumers across India. With Renu Satti as its MD & CEO, it is headquartered in the National Capital Region, India. Paytm Founder and CEO, Vijay Shekhar Sharma owns majority stake in the company, and One97 Communications Ltd owns the remaining share. The Bank has P Vijayabhaskar – Ex Executive Director, RBI; Ash Lilani – Managing Partner and co-founder of Saama Capital and G S Sundararajan – ex Managing Director at Sriram Group as Independent Directors.
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