RazorpayX, Zaggle to enable employees save up to Rs 40K in tax

RazorpayX, the neo-banking arm of fintech platform Razorpay, on Thursday partnered B2B software-as-a-service (SaaS) platform Zaggle to enable employees save up to Rs 40,000 more in tax while adhering to the Income Tax guidelines.

The Flexible Benefits programme 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 offers a fully automated, three-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," said Shashank Mehta, Vice President and Head of RazorpayX.

"Under this partnership, we ensure 7 times faster processing of benefits as well as a 96 per cent reduction in the paperwork required. With it, businesses can boost employee productivity by over 50 per cent ridding them of a manual process that would otherwise take hours of time," Mehta added.

With the integration, the Flexible Benefits programme has now been made accessible to companies of all sizes.

The employee tax benefits are in tandem with Zaggle's Zinger Multi Wallet Card which covers benefits such as petrol, food, communication, and more within one card.

"This one-of-its-kind integration will enable employees to save up to Rs 40,000 more in tax while adhering to Income Tax guidelines. Additionally, the card is configurable with a variety of wallets, providing flexibility in customizing solutions to businesses," said the company.

"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 organisations," said Avinash Godkhindi, MD and CEO, Zaggle.

RazorpayX currently serves over 30,000 businesses and, in the last year, processed UPI transactions to over 20 per cent of all UPI-registered users in the country.

The platform has disbursed payouts with an annualized money movement of over $30 billion.

Meanwhile, RazorpayX has over 30,000 businesses on its platform.