MUMBAI: Mobile and digital payments startup, Zeta has unveiled three new digital solutions in the Employee Tax Benefits and Rewards space. These new solutions, available on mobile and card platforms is expected to simplify: how companies manage medical claims & reimbursements; how employees receive tax-free gifts from their companies, and how companies manage their incentives & rewards program for employees.
Zeta provides an end-to-end solution for companies to manage their Employee Tax Benefits and Rewards programs electronically. Using a single web-based interface, an HR Manager is connected to every employee’s mobile phone. And at a click of button, HR Managers can send grants of meal vouchers, medical reimbursements, gifts etc to all their employees, across cities, instantly.
Commenting on the latest development at his company, Zeta co-founder and CEO Bhavin Turakhia said, “Employee Benefits and Rewards 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. This space was waiting for a disruption and Zeta is ushering in this revolution by being the first such solution in this space in India.”
Zeta says that the grants are transferred to an employee’s cloud-based Zeta account in the form of multiple virtual cards – each card representing a specific tax benefit and can be used only to avail that specific benefit. For eg: If an employee receives medical reimbursements grant in a virtual medical card then the money granted here can be used only towards medical purchases. This ensures that the user has the convenience of accessing all his employee benefits in one place while adhering to the respective company policy.
Employees can access the grants and transact via the Zeta app on their smartphones or via a physical MasterCard-powered – Zeta Super Card – both of which are linked to his Zeta account. Employees can also upload bills as proofs of purchases on the Zeta app itself. These bills are verified and safely stored by Zeta for up to 7 years, freeing the HR Manager of these mundane tasks and any audit issues.
Zeta’s solution can be used by any corporate irrespective of the employee strength or location and an HR Manager can set up Zeta in under 5 minutes, explained Turakhia.
Turakhia also emphasized that the solution is fully compliant as per laws defined by the Government of India and offers multiple benefits to HR Managers. The solution:
saves time – an HR Manager can save up to 90% of his operation time by using Zeta
it is paper-free – provides a 100% paperless filing and claims process
It is customisable – a company can define parameters for usage of every benefit separately to match their company and employee needs
outsources verification – companies can completely outsource cumbersome verification process and bill storage to Zeta
provides a one-stop solution – HR Managers can easily manage all processes on a single screen
Ramki Gaddipati, co-founder and CTO at Zeta adds, “Zeta’s technology is cutting edge. We have built this system to be intuitive and intelligent. Be it security or compliance, Zeta understands the rules of usage and adheres to it. Zeta also brings down the allowance claim process timeline from weeks to just a few minutes. We use machine learning and image processing technologies which helps us achieve a reduction in both, time and cost of processing bill claims. It also improves reliability with every bill an employee uploads.”
Earlier this year, Zeta introduced its electronic meal voucher solution – Zeta Meal Vouchers. This solution has seen rapid acceptance in the market with over 200+ corporates across industries already using this product.