RazorpayX, Zaggle to enable employees save up to Rs 40K in tax
RazorpayX, the neo-banking arm of Razorpay today announced its partnership with Zaggle, a B2B SaaS FinTech company to provide businesses with an easy-to-use plug-and-play solution to enable Flexible Benefits Program further enhancing the employee experience. This partnership will enable businesses to manage all employee tax benefits and perks on a single dashboard, automating the entire process in a hassle-free manner. RazorpayX Payroll is already equipped with the means to manage Flexible Benefits under its compensation structure, and with this partnership, it will be providing additional perks to users under one umbrella.
RazorpayX Payroll is the first and only platform to completely automate salary disbursals and compliance payments and with this partnership, it is now the First to introduce a holistic Flexi Benefits experience combined within the same payroll software. The employee tax benefits are in tandem with Zaggle’s Zinger Multi Wallet Card which covers all benefits such as petrol, food, communication, and more within one card. One of the biggest benefits of this integration is the automation of the proof verification and due diligence process via this card. This one-of-its-kind integration will enable employees to save up to INR 40,000 more in tax while adhering to Income Tax guidelines. Additionally, the card is configurable with as many as 99 different wallets, providing flexibility in customizing solutions to businesses.
Shashank Mehta, Vice President & Head of RazorpayX, said, “RazorpayX has always kept Founders at the heart of products and therefore strives for the simplification of financial processes to save them time and money. While RazorpayX Payroll offers an out-of-the-box fully automated 3-click salary disbursement solution with built-in compliances, we now take it a notch higher by elevating the employee experience via our partnership with Zaggle. Currently, none of the payroll software in India has integration and offering that is entirely automated and hassle-free. Under this partnership, we ensure 7x faster processing of benefits as well as a 96% reduction in the paperwork required. With it, businesses and employees can make the most of their tax component with 100% visibility and control over expenditure and savings and boost employee productivity by over 50% ridding them of a manual process that would otherwise take hours of time.”
Raj N, Founder & Chairman, Zaggle said, “With the rapid rise in digitization, Zaggle has witnessed an exceptional growth in the past few years. The company’s growth is a result of our deep understanding of the market, innovative products, and this partnership with RazorpayX is a testament to that. We have been emphasizing on user experience, personalization, and intuitive design to upgrade our offerings. We are confident that RazorpayX customers will now get access to best-in-class solutions that will not only digitize the organizations’ spends, but also enable employees to save taxes.”
Mr. Avinash Godkhindi, MD & CEO, Zaggle, said, “We are excited to announce our partnership with RazorpayX. Through this partnership, organizations can now help employees save tax with Zaggle’s flexible employee benefit plans. They can now simply digitize their employee tax benefits program with a single card that can replace food coupons, food card, fuel card, travel vouchers, and gift card.. We have been expanding our range of products and constantly bringing about innovative solutions. Through this partnership, the two teams will work together closely with an aim to enhance the overall efficiency of organizations.”
RazorpayX currently serves over 30,000 businesses and in the last year has processed UPI transactions to over 20% of all UPI registered users in India. The neo-banking platform has seen over 200% growth in its Payouts business. RazorpayX Payouts helps businesses to move money at scale across customers, vendors, suppliers, and partners via API-enabled banking. The platform has disbursed payouts with an annualized money movement of over $30+ billion.In addition to Payouts, RazorpayX has witnessed similar growth across its other products such as Vendor Payments, Tax Payments, Payroll, Payout Links, and Corporate Credit Cards.