YES Bank is partnering with Crownit, a cashback service provider, to build a digital platform for coupons. The bank and the company have devised a digitized system for companies to distribute meal vouchers to employees and leverage the ubiquity of smartphones. 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 system also includes an app-based digital meal wallet linked with a Meal Debit MasterCard which enables employees to avail unlimited food, beverage and grocery redemption options, both online and offline. Ritesh Pai, senior president and country head, Digital Banking, Yes Bank, said the partnership enables the bank to focus on contributing towards digitally driven economy whilst driving delightful customer experiences. Sameer Grover, founder & CEO, Crownit, said 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 the program make this process much smoother, but the meal vouchers are all RBI and income tax compliant, fulfilling all regulatory norms.
