YES BANK has recently partnered with Crownit, the merchant discovery and privileges platform, to contribute towards making the vision of a digitally-driven Indian Economy a tangible reality. An innovative, digitised system for companies has been devised to distribute meal vouchers to employees and leverage the ubiquity of smartphones. Now employers can get rid of the shortcomings of traditional paper-based coupons, instead sending out vouchers to all staff, with just one click distribution.
The revolutionary system as claimed by Crownit also includes an app-based digital meal wallet linked with a Meal Debit MasterCard which enables employees to avail unlimited food, beverage & grocery redemption options, both online and offline.
While eliminating the hassle of managing and distribution of paper currency for the employer, there is an integrated dashboard which allows them to update employee details and distribute meal vouchers with a single command. For employees, the solution promises ease of access and use, along with tax savings ranging up to INR 10,000 per employee per year.
The secured pre-paid instruments with security features and app-based digital meal wallet are accepted at the largest merchant base of 2 lakh plus retail establishments pan India. Cashbacks and Weekly Rush tickets on meal voucher are an additional layer of benefits bundled in for employees. Adding further advantages to the program, Crownit offers weekly prizes like iPhones, Amazon Kindles, branded gift vouchers, international trips and much more on meal expenses.
Commenting on the tie-up, Sameer Grover, Founder & CEO, Crownit, said, “At Crownit, we aim to make all lifestyle spending by users absolutely seamless, in addition to making expenses rewarding by means of cashback points. Voucher distribution by employers is a largely neglected sector of expenditure despite the fact that almost all large companies give out meal coupons to employees. Not only does our program make this process much smoother, but the meal vouchers are all RBI and income tax compliant, fulfilling all regulatory norms. All funds deposited for Crownit meal vouchers will be directly deposited to YES BANK.”
Ritesh Pai, Senior President and Country Head – Digital Banking said, “YES BANK has always been at the forefront of digital payments for which we have partnered with Crownit enabling us to focus on contributing towards digitally driven economy whilst driving delightful customer experiences. This system is a step towards paperless transactions thus being environment friendly along with simplifying the complicated process of distribution and maintenance for employers while delivering multiple benefits for their employees.”
This digitised, app-based program cuts through the hassle of distributing meal coupons by enabling one-click disbursement of corporate vouchers. While employers can instantaneously transfer vouchers to all employees; who in turn benefit by having the coupons secured on their app and Meal Debit card along with the additional advantages which the program provides. The launch of this new system is thus a win-win for all.