Sodexo and Ticket Restaurant to get competition from Paytm Food Wallet

Paytm, the leading digital wallet company in India, has rolled out a new ‘Food Wallet’ feature on its app, using which, corporates can issue tax-free benefits such as meal coupons and food vouchers to their employees.

This has put Paytm in direct competition with existing players like Sodexo and Ticket Restaurant, dealing with physical coupons.

Using Paytm’s new feature, employers can directly add money to the wallets of their employees daily, monthly or quarterly.

Employees can then track their available balance and even locate outlets that would accept payment from these wallets. As of now, outlets like KFC, Burger King, Zomato, Pizza Hut, Café Coffee Day and Big Bazaar etc are accepting such payment.

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"The biggest incentive for corporates to use our Food Wallet is the convenience it offers. Employers can use their laptops to instantly transfer money to food wallets of employees based anywhere in the country without any hassles of procuring, handling and distributing bulky coupons and cards. 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," Kiran Vasireddy, senior VP at Paytm, told ET.