Advantages of Digital Vouchers

1. Advantages of Digital Vouchers Long gone are the days when employees had to depend on cumbersome paper-based vouchers to make payments and transactions. With the advent of digital vouchers since the last few years, corporate expense management has become a lot smoother and efficient for both companies and their employees. Delays from corporate benefits and logistics issues are now a thing of the past; it’s now just a matter of a few clicks to get everything sorted. But why are corporate vouchers and e-wallets gaining so much traction over the traditional paper-based vouchers that have been in vogue for so long? Below are given seven benefits that explain why the digitisation of vouchers have become such an indispensable part of today’s fast, technology-empowered world

2. Minimisation of expenses Apart from cutting down on unnecessary expenses of the employer related to printing, logistics and inventory management, digital vouchers also let employees enjoy significant tax savings. In general, digital vouchers do not contribute to an employee’s taxable income, which amounts to greater savings for the employee. In fact, organisations too can gain tax exemptions by showing digital reimbursements against their expenses.

3. Greater convenience The arduous task of carrying and managing paper vouchers is quite painful to say the least. But digital vouchers don’t need to be carried around like their paper counterparts With smart phones becoming the repository of digital vouchers, individuals no longer have to carry bulky booklets and waste their time counting coupons while paying.

4. Tax compliant Digital vouchers are totally compliant with RBI guidelines and tax norms. This makes them a safe and secure method of making payments.

5. Better tracking and control Tracking paper-based expenses is often a hassle for the individual as well as the company, leading to discrepancies in expense management. Digital wallets make the process easier by offering a single dashboard through which the employer as well as the employee can keep a tab on the expenses. Not only that, digital vouchers give better control to employers over their corporate disbursement process, giving way to an efficient expense management practice.

6. Enhanced security With digital wallets, there is no risk of them getting lost or stolen, unlike paper-based vouchers which once stolen are almost impossible to recover. Most digital vouchers are password protected with PCI-DSS compliant frameworks in place. Even if the users lose their smart phones, they can easily block their wallets or change their login credentials to keep security threats at bay.

7. Heightened flexibility Digital vouchers have gradually ventured beyond the online domain and are now accepted at various offline outlets. This makes them more flexible, as opposed to paper-based vouchers which are majorly limited in scope and outreach.

8. Eco-friendly Go green’ is the mantra that everyone is following nowadays and it goes brilliantly well with the concept of digital vouchers. Digital vouchers help save paper, making them a more eco-friendly option than paper vouchers. With so many benefits attached to them, it is no wonder that digital vouchers are taking the corporate sector by storm.

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