CINQO, an emerging player in the mobile and digital payments space has announced the launch of its new digital solutions in the employee tax benefits and rewards space. The CINQO app has been launched today on the mobile platform that can be downloaded on Android and iOs smart phones.
CINQO aims to be a smart, simple and swift mobile application designed for managing digital vouchers and corporate reimbursements that help employees save tax benefits. The app has been launched with a view to digitalize the paper voucher system created in order to save tax for meal vouchers, medical reimbursements, gift cards and expense management solutions that stream lines handling and disbursements of any employee benefits in the first phase.
It facilitates easy disbursement of tax - free perquisites to employees. It also allows employer to set limits, budget and track business expenses and makes reimbursement to employee very simple. Employees can use digital vouchers and claim reimbursements via an effortless mobile application with a click of a button, which also brings down the logistics and distribution cost to zero. One can get on board with CINQO immediately and employees can save up to 30 percent tax. They can customize plans as per the requirements and the policies of the companies they have tied up with.
Companies such as Shopper Stop, Blue Star Diamonds, and Pamac are currently using the services of the company. CINQO can be used anywhere, anytime with more than 300,000 merchants across India. CINQO solutions can be used by any corporate, irrespective of the employee strength or location and an HR Manager can set up CINQO within few minutes.
The company issues meal vouchers and medical vouchers to employees, and handles fuel reimbursements as well. CINQO also issues gift cards. All these products are completely digital, and offered via a prepaid card in partnership with DCB Bank and Visa.
Ankush Gupta, cofounder of CINQO said, “Through this launch, CINQO aims to redefine the corporate wallet and rewards space. CINQO has already tied up with 15 corporates so far and we are confident of our growth path in India.
With a growing number of tie- ups with merchants, CINQO will be available with more options, not only limited for meal vouchers, but also for other employee benefits such as medical reimbursements, gift cards, travel reimbursements etc in the coming months. Besides this, we are also heavily doing analytic behaviour which studies the customer spend which will in turn help us to cross-sell and up-sell different deals to the customers. The service currently is free of cost to both employees and employers.”
“Moreover, the technology that we have used is cutting-edge and is intuitive. We use machine learning and image processing technology that helps in reduction of time and cost for processing of bills,” Gupta added. The total size of the industry is rupees 6000 crore and is expected to grow at a CAGR of 25 percent YoY.