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NiYO: ICICI Financial institution ties up with Niyo to factor pay as you go playing cards to MSMEs

MUMBAI: ICICI Financial institution and fintech corporate Niyo on Thursday introduced a tie-up to factor pay as you go playing cards to staff of Micro, Small & Medium Enterprises (MSMEs). MSMEs will now be capable to get ‘ICICI Financial institution Niyo Bharat Payroll Card’ powered through Visa, for his or her blue-collar staff, who’re most commonly under-banked. With this, MSMEs can add the salaries in their staff at the card, which the employees can then utilise as according to their want in a continuing means.

The ‘ICICI Financial institution Niyo Bharat Payroll Card’ permits a person to obtain budget upto Rs 1 lakh into the cardboard account. It provides comfort and protection of virtual banking to the blue-collar personnel, whilst offering wage disbursement approach to the employers.

This partnership with ICICI Financial institution is in keeping with Niyo’s undertaking to revolutionise banking enjoy for India’s blue-collar personnel. With this, Niyo has introduced its function of attaining five million blue-collar staff within the subsequent five years with its flagship product Niyo Bharat. Niyo Bharat these days has over 1.7 million shoppers and relationships with over 7000 corporates, including just about 5000 shoppers each day.

Talking at the initiative, Sudipta Roy, Head – Unsecured Belongings, ICICI Financial institution stated in a remark, “We at ICICI Financial institution repeatedly try to introduce amenities that foster inclusivity and prolong the succeed in of the formal banking ecosystem. In keeping with this, we’re overjoyed to spouse with Niyo for the ‘ICICI Financial institution Niyo Bharat Payroll Card’. This partnership is but some other initiative through us to make banking merchandise simply available to the underbanked inhabitants. We consider that armed with this card, staff of MSMEs will be capable to benefit from the comfort and protection of virtual banking.”

Any MSME can tie-up with Niyo to avail the pay as you go card. After the tie-up, playing cards are issued to the employees at their place of job itself whilst their KYC verification is finished concurrently the usage of a bio-metric instrument. As soon as activated, staff can use the cardboard to withdraw budget at ATMs, make on-line transactions on e-commerce portals and make cost through swiping the cardboard at Level of Sale (PoS) machines.

Niyo Co-founder and CEO Vinay Bagri stated, “The Niyo Bharat Virtual Wage Resolution has the possible to deliver tens of millions of blue collared salaried workforces into the formal financial system and in addition fortify the country’s a success march in opposition to Virtual India. Our number one goal is to offer virtual banking answers for the blue-collar phase not to simplest foster monetary inclusion but additionally inculcate a long-term saving addiction amongst them.”

To additional facilitate the cardholders, Niyo provides a multilingual app known as ‘Niyo Bharat Cellular app’. Staff can obtain this app from Google Play Retailer and sign up themselves. The app will permit them to switch budget, pay expenses or do recharges on-line. It additionally permits them to block/unblock the cardboard which supplies them keep watch over in their card safety. The cardholders additionally get a unfastened unintended dying insurance coverage quilt.

Niyo’s 24 x 7 customer support workforce caters to problems bobbing up at any hour of the day by way of a multilingual captive name heart facility.

Darpan Sharma, Trade Head-Niyo Bharat stated, “Partnership with ICICI Financial institution is a milestone in our adventure to offer very best at school carrier to the underbanked blue collar phase. The partnership will create alternative to offer all banking products and services to this phase around the period and breadth of the rustic”

Leveraging generation for payroll, worker advantages, card primarily based bills, credit score and financial savings, Niyo supplies an built-in answer comprising a virtual account along with the Bharat cellular app supported through a complete company portal, it assists organisations in digitizing the advantages and payroll procedure. It strives to ship a frictionless worker enjoy.

About the author

Zoe Bernard

Zoe Bernard

Zoe Bernard is a reporter who covers venture capital. Her work on art, food, and 18th century cults has been featured in publications including San Francisco Magazine, Eater, and Atlas Obscura. Despite being a second-generation Las Vegas native, she has yet to win a game of poker.
Email:zoe@marketresearchcrossover.com

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