ICICI Bank's CotoPay launches UPI-based employee expense solution
CotoPay—a new venture brought to market with ICICI Bank—just rolled out a digital expense solution for Indian companies.
Now, businesses can send UPI Vouchers straight to employees' phones for things like meals, travel, or fuel.
These vouchers work at over 6.5 crore UPI merchants and can't be transferred, so the money always goes where it's supposed to.
How it works
Companies pick a category for each voucher—say, "lunch" or "petrol"—and employees pay using their usual UPI apps like Google Pay or BHIM.
If the voucher isn't used, the money goes right back to the company.
There's also a real-time dashboard so managers can see exactly where and when every rupee gets spent.
Why it matters
CotoPay aims to cut down on expense fraud and paperwork by ditching cash and physical cards. Everything is digital, secure, and easy to track.
With support from ICICI Bank and a team experienced in big tech projects, CotoPay could make handling work expenses a whole lot smoother for everyone involved.