Paytm introduces new Food Wallet feature
Indian payment firm Paytm has introduced the new Food Wallet feature to its mobile payment application, enabling its users to make payments for their food and beverages purchases.
The new feature is suitable for the working professionals who are entitled to tax-free food allowance.
The allowance passed on by employers will be digital to eliminate risks of loss or expiry.
Paytm noted that the feature can be redeemed at office cafeterias, as well as a range of online and physical merchants such as KFC, Burger King, Zomato, Pizza Hut, Café Coffee Day, and Big Bazaar.
Paytm senior vice-president Kiran Vasireddy was quoted by economictimes.indiatimes.com as saying: “The biggest incentive for corporates to use our Food Wallet is the convenience it offers.
“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.”
Food Wallet also enables employers to instantly transfer money to their employees' food wallets accounts, eliminating the traditional methods of procuring, handling and distributing bulky coupons and cards.
The wallet is visible only for those users who are allotted food allowance by their employers linked with Paytm.