Zeta, which is Mumbai based payments technology company is partnering with Kotak Mahindra Bank to leverage bank’s existing client base to grow rapidly in the corporate payments space.
Zeta, as of now, handles 3 million transactions per month and has a client base of 1,500 corporates. While Kotak Mahindra Bank has about 20,000 corporates as part of its client base and handles 2.4 million salary accounts.
“In collaboration with Kotak Mahindra Bank, we are offering 10 digital tax benefit solutions to their customers who have salary accounts and through this partnership we have the scope to reach out to more than 10 million employees,“ said Bhavin Turakhia, CEO of Zeta.
Zeta, which had previously partnered with Sodexo to provide corporate employees the experience of receiving digital and cashless benefits through its technology platform, is hoping for a 50 times growth in the volume of transactions that take place through its technology platform. Considering that the future of financial technology companies in India rests on the collaborations that they do with the banks and other entities, Zeta seems to be moving in right direction.
As a consequence of the partnership, an employee whose salary account is handled by Kotak Mahindra Bank, she would now be issued two cards. One, a debit card, which is standard and enables the employee to transact through the salary account, and another a co-branded card which can be used by the employees to avail of the benefits provided to him by the organization like petrol, meals and much more.
The benefit of using the co-branded card is that it would lead to much less paperwork for the HR department and organizations. It would also lead to greater transparency in the system, and accessibility for the employees.