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 T
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, customized, 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.