Kotak Mahindra Bank launches Paymint

Reported by: |Updated: October 18, 2017

Kotak Mahindra Bank has launched Paymint, a comprehensive digital platform to manage multiple employee benefits. The bank has partnered with Zeta, a fintech company for this purpose. Paymint is a multi-wallet digital prepaid solutions platform and it 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 maximize tax benefits for employees and optimize the process of making claims. The bank said the platform offers corporates a single digital interface, powered by Zeta, to manage multiple reimbursements and allowances offered to employees. Benefits disbursed by the Paymint platform can be received and accessed by employees using RuPay-powered Paymint Card, Zeta app on smartphones and desktops and 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 program 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, he added.