Kotak Mahindra Bank, Zeta launch digital wallet for salaried employees

ANI | Updated: Oct 17, 2017 15:44 IST

Mumbai (Maharashtra) [India], Oct. 17 (ANI): Kotak Mahindra Bank and Zeta, a fintech pioneer on Tuesday announced the launch of 'Paymint', a comprehensive digital wallet to manage multiple employee benefits.

Enabling secure, easy and paperless process for employee allowances and reimbursements, Paymint will enable corporates to offer a host of benefits to its employees including meal vouchers, medical reimbursements, leave travel allowances, gift cards, conveyance, fuel allowances, and driver salaries to maximise tax benefits for employees and optimise the process of making claims.

The benefits disbursed by the Paymint platform are received and accessed by employees via RuPay-powered Paymint Card, Zeta app on smartphones and desktops, and NFC enabled Zeta Super Tag.

It will enable users to perform a host of activities such as payments, accessing personal wallets, submitting and tracking claims digitally, and real-time notifications.

"The current employee benefits programme is a cumbersome process that involves excessive paperwork, manual verification and multiple resources to manage different benefits. Paymint is a digital solution and is a far simpler way for companies to provide tax saving benefits to their employees," said senior executive vice president Kotak Mahindra Bank, V Swaminathan.

"With Kotak Mahindra Bank as our partner, we are sure to reach out to several more corporates and employees. We are looking at reaching out to 1.5 to 2 million employees who are existing customers of Kotak Mahindra Bank across the country," said CTO and co-founder Zeta, Ramki Gaddipati.

Paymint guarantees a significant saving on time, costs, and resources. The solution ensures that corporates neither have to collect and store paper bills nor manually verify them. (ANI)