ICICI Bank, a leading private sector bank in India and Niyo, a new age fintech today announced a tie-up to issue prepaid cards to Micro, Small & Medium Enterprises (MSMEs) workers.
Aim
Niyo has announced its goal of reaching 5 million blue-collar workers in the next 5 years with its flagship product Niyo Bharat.
Niyo Bharat currently has over 1.7 million customers and relationships with over 7000 corporates, adding nearly 5000 customers every day.
Benefit
MSMEs will now be able to get ‘ICICI Bank Niyo Bharat Payroll Card’ powered by Visa, for their blue-collar workers, who are mostly under-banked.
It will allows an individual to receive funds up to ₹1 lakh into the card account.
It offers convenience and safety of digital banking to the blue-collar workforce while providing a state-of-the-art salary disbursement solution to the employers.
Niyo Bharat Mobile App
To further facilitate the cardholders, Niyo offers a multilingual app called ‘Niyo Bharat Mobile app’.
Workers can download this app from Google Play Store and register themselves.
The app will enable them to transfer funds, pay bills or do recharges online.
It also allows them to block/unblock the card which provides them control of their card security.
The cardholders also get a free accidental death insurance cover.
Comment from ICICI Bank
Sudipta Roy, Head – Unsecured Assets, “We are delighted to partner with Niyo for the ‘ICICI Bank Niyo Bharat Payroll Card’.
This partnership is yet another initiative by us to make banking products easily accessible to the underbanked population.
We believe that armed with this card, workers of MSMEs will be able to enjoy the convenience and safety of digital banking.”
Comment from Niyo
Vinay Bagri, co-founder and CEO, “The Niyo Bharat Digital Salary Solution has the potential to bring millions of blue collared salaried workforces into the formal economy and also support the nation’s successful march towards Digital India.
Our primary objective is to provide digital banking solutions for the blue-collar segment to not only foster financial inclusion but also inculcate a long-term saving habit among them.”
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