Mumbai based digital payments and meal vouchers company Zeta has joined hands with Kotak Mahindra Bank to extend its newly launched payment solution Paymint for corporate employees who have their salary accounts with the bank.
Zeta’s digital payment solutions are currently used by over 1,500 corporate organizations for their employees. It manages around 3 million transactions per month. Kotak has around 20,000 corporates and manages around 2.4 million salary accounts.
Zeta was founded Bhavin Turakhia and Ramki Gaddipati in 2015 and is run by Better World Technology Pvt Ltd. With its collaboration with Kotak Mahindra Bank, Zeta will offer 10 digital tax benefits to their customers. It will also get an expanded user base of 10 million employees.
All the customers who have their salary accounts with Kotak Mahindra Bank will now get two cards instead of just one. There will be one standard debit card for their salary account and another Zeta-Kotak cobranded card that will be specifically used for employee benefit payments like petrol, medical expenses and meals. These benefits can also be accessed by employees through a RuPay powered Paymint card, which will be given to them by Kotak.
Expenses from this account will be digitally verified by Zeta. They will also seamlessly integrate the data with the corporate organization’s backend database which fill further reduce the paperwork to a great extent. Currently, Zeta mobile app offers a number of features for employees like real-time expense tracker, reimbursement limits and claims. With it Super Tag feature, you can turn any device into a payment device.
After RBI made it mandatory to phase out paper vouchers by the end of 2017, Sodexo, a paper voucher company joined hands with Zeta. In April, the company joined hands with RuPay, a National Payments Corporation of India (NPCI) payment platform and in June, it partnered with private sector lender IDFC bank. In June, it invested around $1 million to buy a minority stake in human resources solutions entity ZingHR.