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 is 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 & 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 upto 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, Pamac etc are currently using the services of the company. Cinqo can be used anywhere, anytime across 300,000 + merchants across India. Cinqo solution 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, co-Founder,Cinqo expressed his views and said, “Through this launch, Cinqo aims to re-define 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 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 6000 cr and is expected to grow at a CAGR of 25 percent yoy.
On the occasion, SmeetModi, co-founder, Cinqo said, “Keeping up with the Digital India initiative, we wanted to create an app which would change the paper voucher system used in order save taxes. The employee and rewards space is quite big in India and factors like losing vouchers, not being able to use it everywhere, issues in reimbursements due to fixed denominations of the vouchers inspired us to come up with new age innovative and cutting-edge solutions and give that extra benefit to employees. Cinqo will bring revolution in the way the employers handle tax free perquisites and reimbursements and give the employee ability to complete transactions with ease at zero cost. We have also included a unique feature for disputes wherein employees can raise a red flag in case their expectations are not being met. Once the employees upload a bill on the Cinqo account, their reimbursements get cleared within one business working day.”.
