Mumbai-based digital payments and meal vouchers company Zeta has tied up with Kotak Mahindra Bank to extend its corporate payment solutions through newly launched Paymint feature to companies, who have their employees’ salary accounts with the bank.
Zeta currently has around 1,500 corporates, who use their digital payment solutions for their employees and manages 3 million transactions per month through their platform. On the other side, Kotak has around 20,000 corporates and manages close to 2.4 million salary accounts.
Zeta, run by Better World Technology Pvt Ltd, was founded in April 2015 by Bhavin Turakhia and Ramki Gaddipati.
“In collaboration with Kotak Mahindra Bank, we are offering 10 digital tax benefit solutions to their customers who have salary accounts and through this partnership we have the scope to reach out to more than 10 million employees,” said Turakhia, chief executive officer of Zeta.
A customer who has the salary account with Kotak Mahindra Bank will now be getting two cards, one debit card for his salary account and another Zeta-Kotak cobranded card which can be used for all his employee benefit payments like petrol, medical expenses, meals among others.
Expenses incurred in this account will not only be digitally checked and tabulated by Zeta but also integrated seamlessly with the corporate’s back-end thereby reducing hassles and paperwork.
Zeta mobile app offers employees a real-time view of spends, reimbursement limits and claims. Its Super Tag feature can be attached to any device to turn it into a payment device. Employees can also access these benefits through a RuPay powered Paymint card, which will be given to them by Kotak.
Following the RBI’s mandate to phase out paper vouchers, Sodexo, a paper voucher company had joined hands with Zeta. Later on, it partnered with National Payments Corporation of India (NPCI) payment platform – RuPay and private sector lender IDFC Bank in April and August respectively.
The payment firm had invested Rs 5-10 crore to buy a minority stake in human resources solutions entity ZingHR to reach out to the employees that ZingHR serves through its corporate clients in June this year.
Established in 1985 by Uday Kotak, Kotak Mahindra Bank is an Indian private sector bank headquartered in Mumbai. In February 2003, Kotak Mahindra received RBI’s (Reserve Bank of India) licence to carry on banking business.