India’s attempt to go cashless is turning food vouchers digital
Tuesday, April 18, 2017
India’s push for a digital, cashless society is well-documented by now. After last year’s currency ban, the country has pushed cashless transactions in every sphere of citizen life — from payments at the local grocer and refuels at gas stations to utility bill payments and more.
Local mobile wallet companies have recorded an unprecedented growth as a result. Last month India’s federal bank mandated that even meal vouchers that corporate houses provide their employees must go digital by the end of 2017.
And cashing in on this opportunity is Paytm, India’s largest mobile wallet with 200 million users. It has launched a Food Wallet that will take on established players like Sodexo and Ticket Restaurant in the meal voucher space.
Also, it will bring you food coupons without an expiry date.
Sodexo, meanwhile, is the largest operator with over 10,000 corporate clients and 2 million beneficiaries. Paytm has set out with an ambitious target of 6 million customers, the company blog noted.
“Every working Indian is eligible for a tax-free food allowance of Rs 50/meal ($0.78) up to Rs 2,200 ($34.15) per month. However, between easily spoiled paper coupons, low acceptability and expiry dates, 60 lakh (6 million) Indians struggle to file their food voucher claims every year,” it said.