Private sector lender Kotak Mahindra Bank and fintech firm Zeta announced launch of ‘Paymint’, a multi-wallet digital prepaid solution for salaried employees.
As per a release, Paymint enables corporates to offer a host of benefits to its employees including meal vouchers, medical reimbursements, leave travel allowances, conveyance, and fuel allowances, among others “to maximise tax benefits” for employees and optimise the process of making claims.
“Paymint offers corporates a single digital interface, powered by Zeta, to manage multiple reimbursements and allowances offered to employees,” it said.
V Swaminathan, Senior Executive Vice President, Kotak Mahindra Bank said that the current employee benefits programme is a cumbersome process.
He said Paymint is a far simpler way for companies to provide tax saving benefits to their employees.
Paymint, he said is a secure, customised, paperless and convenient solution for both employees and corporates.
Ramki Gaddipati, CTO and co-founder of Zeta, said: “We are looking at reaching out to 1.5 to 2 million employees who are existing customers of Kotak Mahindra Bank across the country.”
As per the release, Paymint guarantees a significant saving on time, costs and resources.
The solution, it said ensures that corporates neither have to collect and store paper bills nor manually verify them.