NewsVoir | 11 Apr, 2017
Fintech start-up Zeta, which offers digital employee benefits for tax optimisation, has tied up with National Payments Corporation of India (NPCI) payment platform - RuPay. The partnership will widen Zetaâs payment network and push for a more inclusive adoption of digital payments in corporate India. This collaboration makes Zetaâs meal voucher solution the first ever such solution to run on Government of India endorsed RuPay platform.
With RBL Bank as its banking partner, Zetaâs revolutionary pre-paid card called the Zeta Super Card will now also be available on the RuPay platform. The Zeta Super Card, includes robust anti-fraud security measures that lets users make payments across 12 lakh+ outlets across India as well as online stores.
Referring to the partnership with RuPay, Mr. A. P. Hota, MD & CEO, NPCI said, âWe are happy to extend RuPay card platform for salaried individuals across sectors through Zeta. This strategic partnership between RBL Bank and Zeta will assist all individuals to spend their salary perquisites through digital means.â
Zeta Co-founder and CTO Ramki Gaddipati said, âThe combined offering of Zeta, RBL and RuPay is built with a sharp focus on enhancing user experience, and is aimed at accelerating the cashless movement using technologies made in India, for India. Joining the RuPay platform will further strengthen Zetaâs payment network and will also help us reach corporates as well as PSUs with employees based in remote areas.â
Rajeev Ahuja, Executive Director, RBL Bank said, âRBL Bank has successfully built a strong digital platform business that delivers enhanced services in banking and other domains. We have identified many areas of the economy that, with these technologies, can be made more efficient and also help lower the cost of accessing these services for a larger number of consumers. We believe collaborating with the right partners is an important ingredient towards succeeding in the new era of digital businesses. In Zeta, we have a highly committed partner who is constantly looking to break new ground.â
Taking forward its commitment towards the Digital India movement, the company will also launch payments via UPI, Bharat QR Code and Aadhaar Pay modes, which will be available to a larger section of the salaried population with or without access to smartphones and magnetic stripe card machines.
With these payment modes, Zeta intends to remove the existing barriers to digital payments. Salaried employees across all sectors, including PSUs can now take advantage of receiving and spending tax benefits digitally even in remote locations.
âWhen it comes to digitising employee benefits, it is essential to consider every employee in the organisation and provide solutions that work for everyone. Several of the PSUs have employees in locations that have limited card network reach,â Mr. Gaddipati added.
âFor many of the small merchants who deal in essentials like food and medicines, the card machines may be unaffordable. We canât ignore those challenges. Therefore, we built Zeta using technologies made in India, made for India and envisaged for digital inclusion of all the people by the Government of India.â
âThe Zeta benefits platform is on Rupay uses Aadhaar for eKYC and authentication, supports regional languages and is UPI, Bharat QR Code and Aadhaar pay ready. We will start rolling out these options as we start working with PSUs across the country. By providing such inclusive options, Zeta can ensure that salary benefits reach every eligible employee, no matter their location, language and digital literacy level is,â Mr. Gaddipati further added.
With RuPayâs reach of 12,20,763 enabled POS terminals, Zeta will now have a greater combined acceptance across the country, even while bringing small towns and remote areas into their net.
With the RuPay tie up, Zeta Super Card users now can also get access to exclusive privileges like
Airport lounge access
Cashback on utility bill payment
Personal accident insurance cover
Personal concierge services
Zeta has been disrupting the meal voucher industry by leveraging technology to ease the process of issuing, receiving and spending the prepaid Instrument for meals. Recent steps proposed by the Reserve Bank of India are also beneficial for overall industry growth.
With the recent RBI draft proposal on issuance of prepaid meal instruments that says meal vouchers in paper format will not be accepted beyond 31st December 2017, the company is busy helping both public and private sector companies make the move easily.
Within a short span of one year, Zeta has accumulated a client base of over 650 corporates spread across India and has over 100,000 end users.
Zeta, part of the Directi Group, is a fintech start-up dealing with digitised employee benefits, rewards and digital payments. Zeta started this journey by launching an innovative cloud-based smart benefits suite called Optima. Started in April 2015, Zeta has over 350 employees spread over 11 Indian cities: Mumbai, New Delhi, Hyderabad, Bangalore, Chennai, Pune, Kolkata, Nashik, Baroda, Kochi and Ahmedabad.
Bhavin Turakhia (CEO) and Ramki Gaddipati (CTO) are the co-founders of Zeta. To know more about Zeta, log on to www.zeta.in or follow @ZetaForWork on Twitter and @ZetaIndia on Facebook. Zeta is an ISO 9001 & 27001 certified and PCI-DSS compliant company.
About RBL Bank
RBL Bank is one of Indiaâs fastest growing private sector banks with an expanding presence across the country. It currently services over two million customers through a network of 237 branches and 375 ATMs spread across 16 Indian states and Union Territories.
RBL Bank has been recognised by the World Economic Forum as a âGlobal Growth Companyâ (GCC). The Bank has also been awarded as âIndiaâs Best Bank (Growth)â in the âSmall-Sized Bank Segmentâ by Business Today KPMG Best Bank Study for five consecutive years (2012-16).
Established in 1943, RBL Bank started a transformational journey under a new management team in 2010. Today, the Bank offers specialized services under six business verticals namely: Corporate & Institutional Banking, Commercial Banking, Branch & Business Banking, Agribusiness Banking, Development Banking and Financial Inclusion, Treasury and Financial Markets Operations.
RBL Bank is listed on both NSE and BSE (RBLBANK)