Kotak Mahindra Bank Ltd. has partnered with India-based payments technology company Zeta to provide corporate payment solutions to companies that have their employees' salary accounts with the lender, The Economic Times reported Oct. 17, citing Bhavin Turakhia, CEO of Zeta.
Under the partnership, Zeta will offer 10 digital tax benefit solutions to the bank's customers that have salary accounts, Turakhia said. The customers will also receive one debit card for their salary accounts, as well as another Zeta-Kotak co-branded card that can be used for employee benefit payments.
The partnership will enable Zeta to reach out to more than 10 million employees, Turakhia said. The payments technology company is looking to partner with banks to scale up its operations, with hopes of 50x growth in transaction volume through its platform.
Kotak Mahindra Bank has about 20,000 corporates and manages about 2.4 million salary accounts.