Kotak Mahindra Bank And Zeta Launch Paymint – A Multi-Wallet Digital Prepaid Solution For Salaried Employees
- Enables
secure, easy and paperless process for employee allowances and reimbursements
Kotak Mahindra Bank (“Kotak”) and Zeta, a fintech pioneer, today
announced the launch of Paymint – a comprehensive digital platform to manage
multiple employee benefits.
A multi-wallet digital prepaid solutions platform, Paymint enables
corporates to offer a host of benefits to its employees including meal
vouchers, medical reimbursements, leave travel allowances, gift cards,
conveyance, fuel allowances, driver salaries and so on 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. Benefits
disbursed by the Paymint platform are received and accessed by employees via:
· RuPay-Powered
Paymint Card
· Zeta App On
Smartphones And Desktops
· NFC Enabled
Zeta Super Tag TM
The app enables users to perform a host of activities such as
payments, accessing personal wallets, submitting & tracking claims
digitally, real-time notifications etc.
V.Swaminathan, Senior Executive Vice President, Kotak Mahindra Bank
said, “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. Paymint,
developed jointly with Zeta, is a secure, customised, paperless and convenient
solution for both employees and corporates.
“At Kotak, our focus is on enhancing customer experience by using
digital channels to simplify processes and eliminate pain points”, added
Swaminathan.
Ramki Gaddipati, CTO and Co-founder, Zeta said, “Employee benefits as
a space has remained the same for decades. Companies are forced to use age-old
practices for the lack of a wholesome and better solution. Zeta is on a mission
to make all kinds of claim processes fully paperless and easy to administer for
both corporates and employees. 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.”
Paymint places convenience and flexibility in the hands of the
employee, while enabling employers to digitally review and manage
reimbursements. Employees receive balances in different Paymint wallets as
per regulatory requirements and claim expenses in a seamless manner online,
without any paperwork. They can also credit the wallet using the app or the
online platform.
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. All verifications will be
carried out by Zeta’s support team and all claims will be stored digitally for
a period of seven years on Zeta’s digital document drive thereby allowing for
smooth Income Tax audits.
Mumbai, 17 October 2017
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