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Zeta & Kotak Mahindra Bank launch a prepaid employee benefits platform Paymint

Digital employee benefits solutions provider, Zeta has partnered Kotak Mahindra Bank to launch a multi-wallet digital prepaid solutions platform called Paymint. Companies that have tied-up with Kotak for salary accounts will be able to manage multiple reimbursements and allowances such as meal vouchers, medical reimbursements, leave travel allowances, gift cards, conveyance, fuel allowances, and driver salaries among others via Paymint. Kotak currently manages nearly 2 million salary accounts.

Employees can access these benefits through either a RuPay powered Paymint card, which will be given to them by Kotak, or the through the Zeta app, or via an near-field communication (NFC) enabled Zeta Super Tag.

Besides making payments, employees can also use the Zeta app to access their personal digital wallets, submit and/or track reimbursement claims, receive real-time notifications, etc.

Zeta, which was launched in January last year, charges merchants a commission of 1-2% of the purchase. The company has been actively building partnerships this year to expand its suite of solutions:

April 2017: Zeta partnered with card network RuPay to issue a pre-paid card called Zeta Super Card for employees, which they can use to make payments at over 12 lakh (to be specific: 12,20,763) RuPay enabled point-of-sale (PoS) terminals. At the time, the company said it will be extending its partnership with the National Payments Corporation of India (NPCI) to launch payments via UPI, Bharat QR Code, and Aadhaar Pay as well.

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Note that when Zeta already used to issue a card from MasterCard where corporate employees could purchase food and non-alcoholic beverages from retail outlets.

May 2017: Zeta and Sodexo partnered to start offering companies solutions to manage medical, fuel, leave and travel allowances for employees. Suvodeep Das, vice president of marketing at Sodexo, told MediaNama that the two companies were working on a co-branded app for the other allowances. In the partnership, Zeta will act as technology provider, while Sodexo will bring in expertise in the B2B domain of sales.

June 2017: Zeta picked up a minority stake in ZingHR (reportedly, less than 9% stake and the deal is worth Rs 5-10 crore). As part of the deal, ZingHR will offer its clients Zeta’s solutions such as meal vouchers, paperless claims for medical, LTA, fuel, and mobile among others.

The employee benefits space has had a busy year ever since the Reserve Bank of India released its draft guidelines, which say that meal vouchers cannot be issued in paper form anymore and will have to move to digital means by the end of 2017.

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© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ