Edenred India Facilitating Easier Processes to Accelerate KYC

• The company has accelerated its KYC efforts

Edenred India, Indian arm of a global leader in prepaid employee benefit solutions and inventor of Ticket Restaurant meal cards has witnessed a multi-fold growth in the usage of its meal cards on food delivery platforms – from 1% in 2014 to 15% at the end of 2017. In addition, the company has accelerated its KYC efforts to ensure 100% compliance as per RBI’s directive.

Edenred Meal card

“The trend of ordering food online is rapidly emerging especially amongst the salaried class in urban cities, where people have limited time to visit a restaurant for their daily meals. The company has tied up with more than 50 food delivery partners including Swiggy, Food Panda, Fresh Menu and Goodbox. These strategic tie-ups enabled the acceptance of Edenred’s Ticket Restaurant® meal card both online and offline,” said Subin Kumar, Head – Marketing & Channels at Edenred India.

Edenred was the first to launch a digital meal card in India and has been in the country of two decades. The company offers  work-life benefit, incentive and Reward solutions to more than 3500 plus corporates with 2,500,000 plus beneficiaries across India.

Know your customer effort witnesses an acceleration post RBI’s directive

The Indian meal card players are racing to comply with the RBI directive requires all the prepaid and wallet players to meet KYC (know your customer) norms for all their customers. Minimum KYC comes with certain restrictions where the customer will not be able to send money to other wallets or any bank accounts, and not be able to keep more than Rs 10,000 in their wallet. The remaining transactions of making online purchases, bill payments or bookings can be done with the existing money in the wallet.

Edenred India too is facilitating easier processes to accelerate compliance by their customers. The B2B prepaid meal card players have an inherent advantage over the B2C wallet players. While the wallet players are selected by the individuals in their personal capacity (being a consumer business); the meal card player is selected and awarded the mandate at a corporate level. Meal cards are not only an instrument that facilitates better tax planning but also serves as a healthy dose of motivation for the employees.

“While the companies who partner with us are playing a proactive role in informing the end users to opt for full KYC; we too are requesting our customers through SMS and email to complete their KYC process”, said Subin Kumar, Head – Marketing & Channels at Edenred India – a global leader in Employee Benefits space and brand owner for Ticket Restaurant Meal Cards. “From setting up kiosks at client offices to using our partners to spread the word, and complete the pending KYCs”, said Subin.

Anyone using a Ticket Restaurant meal card or other prepaid instrument can simply complete the process in five minutes. All one needs is a mobile phone with Aadhaar registered number for OTP verification and data access. Two easy ways of doing KYC for the employees:

• Open the message received from Edenred on your mobile / emails wherein a personalized link has been sent to each user. Simply click on that link and you will be led to a personalised form page. Enter your Aadhaar number, an OTP will be sent for verification to your Aadhaar registered mobile number. Enter the OTP on the  form and Voila! The full KYC is done.
• In case, messages or emails are hard to find in the inbox, simply call Edenred Assist at 1860 210 9999 or 022 6143 3333. A customer care executive will provide the required information and help you understand the process. You can also alternatively email for assistance at [email protected].

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