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Riding on the digital payment bandwagon, fintech startup Zeta looks to achieve 2.5 to 3 million users over the next three years on the back of strong growth from the public sector and private sector companies to provide digital payment solutions for their employees.
The two year-old startup has tied up with National Payments Corporation of India (NPCI) payment platform RuPay to provide digital payments in Corporate sector through its Super Card and an android app, where companies will use Zeta’s paperless meal voucher solutions among other services.
The Super Card - supported by RBL Bank - will enable employees to use their perquisites offered in the CTC package digitally and before the tax deductions thereby saving up to Rs 80,000 annually on tax, claimed company officials.
"Over 600 companies are using our service for their over 1 lakh employees across the country. We also have about 2 lakh individual users but we are encouraging corporate registrations because it provides tax benefits for the employees," said Ramki Gaddipati, co-founder, Zeta.
The company caters to diverse industries including services sector such as BPO, KPO besides manufacturing players. Zeta ventured into public sector units from Gujarat's GNFC, GIPCL, and IFFCO. Some of the major clients Zeta caters to include GIFT City, Adani Group, Arvind Ltd, Harsha Engineering, Kunverji.
Started with initial investment of $19 million by the promoters, Zeta launched its services in April last year, and currently registers about 26,000 transactions per day with 60 per cent of them taking place at the company cafeteria with average ticket size of about Rs 30-40 per transaction.
Gaddipati said, "Joining RuPay platform will further strengthen Zeta’s payment network and will also help us reach corporate as well as PSU entities with employees based in remote areas. In the next two-three years we look to have about 2.5-3 million users."
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.
Salaried employees across all sectors, including PSUs can now take advantage of receiving and spending tax benefits digitally even in remote locations.
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