Are you using paper-based coupons or vouchers for your Employees? Have you considered using a digital payment solution for the same? Digital payments account for 22% of all transactions in India. About 15% of Companies within India have opted for Digital Payments to issue the popular tax saving Meal Vouchers.
Today, paper-based prepaid Meal Vouchers (MVs) form a key part in Employee Benefits at many companies all over India. It has been one of the most popular tax saving tool for Employees across India. At present, companies enjoy a tax benefit both for the MVs and the expenditure on food provisions to the limits of Rs 50 per meal per day. In other words, irrespective of the actual value of the MV provided by the Employer, the tax benefit applicable to the Employer is only to the extent of Rs 50 per meal per day (or upto Rs 2,200 per month).
As part of Centre’s push towards digital payments and transactions, the paper-based Meal Vouchers provided by Employers as perquisites to their Staff will become digital from January 2018. Apart from the deadline of December 31, the Reserve Bank of India has said the Prepaid Payment Instruments issuers should obtain and maintain the details of Employees from the Employers and the minimum validity of the prepaid meal instruments shall be one year from loading.
The issuance, carrying around and usage of such paper coupons provided over the last decades as printed booklets have been a whole lot of inconvenience, cumbersome and operational burden. Various companies have thus opted out of such provisions for their Employees and they do not look forward towards this monthly ‘Benefit’ as much as one should be.
INTRODUCING THE PAYSACK FOOD WALLET + CARD
The Paysack Food Wallet + Card is a combination of a mobile wallet and a VISA prepaid card, thus enabling the Employee to use them to pay for daily food or groceries and non-alcoholic beverages at all VISA accepted online checkout and in-store point-of-sale machines.
Employers can instantly load the Employee’s account with food Benefits credits and Employees can immediately start using the food credits as digital Meal Vouchers all over India. The addition of a VISA prepaid Card with an Employee’s wallet brings in extra flexibility to enable both online & in-store payments.
While Meal Vouchers is the most popular Benefit in India, there are other less-known Benefits like fuel, conveyance, gift, medical, travel etc. All of these can be provided using a single Paysack Multi-Benefits Wallet with a VISA prepaid card without any additional operational cost.
To implement your simple benefits program for your employees that is completely digital, do get in touch with us. Also, learn more about us here, https://paysack.com/employee/
Happy to serve you and your awesome employees.
Co-Founder & CEO