Do you customize the tea you sip to suit your preference?
We all enjoy having travel and entertainment options. We even demand more television viewing options than cable alone.
Similarly, it’s no surprise that most of today’s workforce is interested in more than just a standard benefits package when it comes to their tax-saving allowances as well.
They want to have a say in the benefits they select.
Enter wallet benefits
Wallet benefits allow workers the flexibility of dividing the value of their overall benefits package among the “available” services. They get to choose what they want from these sets of services.
This flexible approach allows employees to divide their benefits allowances, such as fuel, food, gift, allowance, salary accounts, and various reimbursements.
With a multi-generational workforce – the “wallet benefits” approach allows employees to directly focus on the benefits that best serve their current stage of life.
For example, a younger employee may want to put a lot more funds towards paying for their food while at work or paying for an education loan. In comparison, an older employee might emphasize saving over car fuel while traveling back and forth and a health care plan.
Several benchmarking surveys have shown that food benefits, fuel savings, vacations, and reimbursements ranked highly across all employee age demographics.
Still, the wallet approach puts employees in charge of their benefit priorities.
Such wallets could even save employers money.
Rather than enrolling your employees in several benefits that they’re not interested in using, you can put that investment to good use and help them save tax.
This strategy gives employees more options to design a plan that fits their needs today and adjust as their needs change over time.
How do Paytm wallets work?
Since we introduced our allowance and fuel wallet in 2019, they have become part of our most powerful features.
Along with the benefits that the most extensive internet ecosystem and the Paytm for Business app offers, these wallets pull employees into the app and drive them to interact with all our services.
We, at Paytm, have designed these wallets to operate much like the usual and popular Paytm wallet. Thus, they become familiar to almost all Indian smartphone users right away.
In a completely hassle-free experience, employees only need to scan the QR code or get the phone number at the outlet they choose to spend at.
They can then choose to pay through a particular wallet by simply clicking on the Pay Now option.
The amount gets deducted from:
- The gift wallet at most branded outlets and the food wallet if the merchant is a food merchant, grocery store etc.
- Fuel wallet if the merchant is a fuel station
- Allowance wallet based on customized merchants
- Bank accounts and other payment modes
Suppose the employees’ transaction amount exceeds the amount that they have stored in their wallets. In that case, there’s nothing to worry about, as the rest of the amount gets deducted from their Paytm Wallet or linked bank accounts.
The unique layout of our wallets not only increases employee engagement but reduces the questions your HR department usually fields about plan details. That can translate to hours saved each week.
Engaging employees with our wallet benefits
All of our wallets succeed through their massive acceptability.
Paytm has the largest merchant network. Therefore, close to 1.4 crore offline and online merchants with over a million food merchants around the country accept payments from these wallets.
In case of traditional allowance options, once employees opt for these benefits, they usually face difficulties in accessing the support needed to use these services. It can be difficult or even impossible for them to rifle through the maze of phone numbers, contact points, and plan details they need to access them.
These are usually offered in printed benefits booklets, PDFs, static websites, or Beneficiary Admin portals that do nothing to support them efficiently. In contrast, by centralizing all your employee benefits in a single app, Paytm eliminated this frustrating process.
Some more significant benefits of these wallets include:
- We meet employees where they already spend time. You got that right, on their smartphone. Most of us use these for at least 3 hours, 43 minutes a day. So it’s an entirely digital process.
- At Paytm, we work round the clock to ensure that your employees get access to instant benefits through our 24×7 instant payments.
- Among the many metrics tracked within our powerful dashboard and insights is wallet views. See precisely how often employees use this feature to track invoices and spending. We think you’ll be impressed!
- Year after year, your employees enjoy exclusive offers and cashbacks by Paytm.
Paytm now is the first choice of most successful corporates, as we understand the pulse of business today.
We are ecstatic to announce that our corporate satisfaction score has reached another high this year with our corporate wallets’ better and improved version.
Now, let’s delve into the benefits of the Allowance wallet & the Fuel wallet specifically.
The allowance wallet is a customized wallet we have created for you to have access to sending your employees all types of allowances.
We have created it primarily to make your job easier.
You can transfer the allowance amount to the dedicated wallet for particular purposes that are defined mutually by you and the employee.
Employees can spend these at specific stores according to what they need, including shopping online, making payments at outlets and food joints, paying bills, doing recharges, and more.
Most corporates use our allowance wallet for:
- Travel allowance
- Clothing and uniform allowance
- Mobile and internet allowance
- Education allowance
- Fitness allowance
- Medical allowance
- Entertainment allowance
- Driver and help allowance
Let’s be honest, paying for fuel with the constantly increasing prices these days is nothing less than a repulsive process.
With the provision of this wallet, we have tried to ease down the most off-putting fuel reimbursements for you.
With this 100% digital solution, your employees can pay across major fuel stations nationwide in a fully compliant manner.
Employees can use this to make payouts in the form of travel reimbursement, reimbursement for a fuel top-up (cab-hailing apps), vehicle allowance, logistic expense, Genset, freight allowance, and more.
Plus, they don’t have to wait in long queues and spend more time paying through cash or a card machine. It is also an utterly contactless process.
Example: If you run a cab service, your drivers can be paid their fuel allowance directly on the Paytm app.
Most corporates use our fuel wallet for:
- Travel reimbursement
- Vehicle allowance
- Logistic expenses
- Freight allowance
Key features of our corporate wallets
- Pay using Paytm – Use this wallet on all relevant merchants across India
- 100% digital – Instantly send benefits through a robust dashboard/APIs. No hassle of procurement, handling, and distribution of vouchers
- Highly customizable – Easily customize the usage of the wallet as per the defined allowances. Define merchant categories and even specific merchants and shops
- Convenient – All allowances get paid out to a single platform, and the money gets automatically deducted based on the expense and usage
- Accepted everywhere – Our wallets are accepted at every major fuel station/outlet across the country
The benefits that our corporate wallets provide are one of the best representations of the unique benefits of Paytm Payout‘s approach: not just an app, but a benefits experience platform.
Representing benefits as a wallet isn’t groundbreaking. Still, it does help us achieve industry-leading utilization for often-forgotten and simple services.
So, what are you waiting for? Grab one of these for your employees, and get going now!