India’s IDFC Bank is broadening its presence in the corporate payments space through a new partnership with digital payments firm Zeta.
Reports Wednesday (Aug. 9) said IDFC Bank will launch IDFC Bank Benefits for corporates to digitize employee spend via a card coupled with the Zeta mobile app. Together, the mobile payments solution enables businesses in India to manage allowances and reimbursements to employees via a prepaid card. The Zeta platform, available via mobile app or online, enables insight into spend and balances on the Benefits Card, while it also facilitates claim submission.
"The IDFC Bank Benefits solution developed jointly with Zeta allows for bank-like payment features outside the traditional banking relationship," the FI's executive director Avtar Monga said in a statement. "It offers a strong value proposition to both employers as well as employees. The Benefits Card and Zeta app enhance user experience as it places convenience and flexibility in the hands of the employee, while enabling employers to digitally review and manage reimbursements."
The companies said the digital payments solution can be used for medical, meal and fuel reimbursements, but companies can expand the mobile payments solution to use it for other corporate payments cases, too.
“This partnership is forged at a time just when Zeta is foraying into cutting-edge banking tech solutions, and we look forward to reaching lakhs of salaried professionals across industries with the digital program,” added Zeta Co-Founder Ramki Gaddipati in another statement.
Earlier this year, Zeta announced news of another partnership with National Payments Corporation of India and its RuPay platform. That collaboration enables Zeta to expand its payments network and extends its employee meal voucher program into the government’s RuPay platform.
At the time, Zeta also said that it was working with RBL Bank to bridge Zeta’s prepaid card, the Zeta Super Card, onto the RuPay platform as well.