Remember the vouchers you used to cash in at restaurants outlets, shops etc.? In the age of cashless payments and plastic cards, the good old voucher has evolved into a smart option: prepaid cards. Be it giving out employee benefits to gifting and rewards, prepaid cards have brought in a silent revolution. According to RBI data, prepaid payment instruments witnessed a whopping volume of over 400 million in 2017-18 with more than Rs. 30,000 crore transacted. A growing proportion of such transactions are through prepaid cards that are combining flexibility, easy to use, top-up facility and competitive fees to make the lives of users infinitely better. Discover the benefits, ease, and convenience of IDFC FIRST Bank prepaid cards. Read on.
Companies regularly dole out benefits to employees. Often, benefits are given at a fixed period, say a month, and form a core part of employee compensation. A corporate prepaid card is ideal for providing such benefits.
IDFC FIRST Bank's prepaid cards come with a slew of advantages such as the promise of secure payments, allow in-app purchases for food, marketplace, bill payments etc., rewards & offers, high-tech powered NFC enabled solution, web and mobile seamless operation and all this anytime, anywhere, and anyway. For instance, the IDFC FIRST Bank Benefits Card, powered by Zeta, is a one card multi-wallet proposition that is best suited for tax reimbursements’ solution. It enables corporates and employees to move away from paper trails and provides worry-free employee benefits management.
Another interesting solution is the corporate meal benefits programme. IDFC FIRST Bank Meal Card is the paperless and digital solution which provides digital meal vouchers, enables offline and in-app purchases, tap and pay and location shield. This prepaid card can be used at over 3 lakh stores. At the moment, there are no charges levied whatsoever on the IDFC FIRST Bank Benefits Card.
Similar innovations exist for tax saving medical reimbursements, and tax saving fuel reimbursements. The medical corporate prepaid card is a simple, and efficient solution to enable employee medical reimbursement. This avoids manual bill entry, physical submission, and verification hassles. Similarly, a prepaid card for corporate fuel or car reimbursements work their wonder, by ushering in a paperless and automatic claim for fuel/car benefits.
Taking the prepaid reimbursement solutions to another level, IDFC FIRST Bank LTA card is a great relief for employees. Designed as a paperless and digital solution to enable organizations allowing employees to claim their LTA expenses electronically, this LTA card helps you automate the old-fashioned and manual leave and travel allowance process. As an employee, you can claim expenses related to flight, train, bus tickets, and car bills using the console or app mode. So, say bye-bye to the need for physical bill submission worries and hassles.
Another rising use of corporate prepaid card is superior gifting and employee engagement. The days of cash rewards are over a long time back. Tech-savvy employees are looking for employers to use suave gifting methods. IDFC FIRST Bank Sodexo Premium Pass is a great option in this regard. The co-branded prepaid card form comes in two variants. It offers employees like you a plethora of options and the flexibility to choose from over 11,000 online and offline merchants. This simple solution caters to almost all festivities or be it a celebration with your teams, the premium pass fills in the need for both employers and employees.
The IDFC FIRST Bank Sodexo Premium Pass - Celebrations is ideal for one-time corporate gifting needs. This is fit for festivals like Diwali, Christmas, New Year or other special occasions like marriages, birthdays and anniversaries. These personalized gift cards offer secured PIN-based transactions. They have nationwide acceptance on Rupay network. Plus, this corporate prepaid card enables hassle-free ordering and distribution process.
For employers, the card leads to reduced administrative efforts, better employee engagement, and association. For hard-working employees, the card can lead to tax savings up to Rs 1500 per annum, offers the flexibility of choosing gifts and is usable across 100+ product and service categories. One can load from Rs 250 to Rs 10,000 in such one-year validity cards.
The IDFC FIRST Bank Sodexo Premium Pass - Rewards is for your internal and external rewards and recognition programmes. These are personalized rewards cards that come with a re-loadable card with a three-year validity. Employees can get tax benefits up to Rs 5,000, enjoy wide network acceptance, utilize mobile app interface for cards. You can get Rs 10,000 loaded with minimum KYC of the cardholder, while the maximum load value can go up to Rs 1 lakh with complete KYC. Clearly, this corporate prepaid card is designed to work all around the year.