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ICICI Bank to issue prepaid cards to MSMEs in collaboration with Niyo

MSMEs can load the cards with the salary of a worker, who can then use it seamlessly for any transaction as per need.

January 14, 2021 / 01:22 PM IST
 
 
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ICICI Bank will now issue prepaid cards to workers of Micro, Small & Medium Enterprises (MSMEs) in collaboration with a new-age fintech Niyo. ‘ICICI Bank Niyo Bharat Payroll Card’ powered by Visa will be offered mostly to the under-banked blue-collar workers.

MSMEs can simply load the cards with the salary of the worker, who can then use it in a seamless manner as per need.

An individual can receive funds up to Rs 1 lakh in the card account with the ICICI Bank Niyo Bharat Payroll Card. While providing a state-of-the-art salary disbursement solution to the employers, it offers convenience and safety of digital banking to the blue-collar workforce.

Sudipta Roy, Head – Unsecured Assets, ICICI Bank said: “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."

Niyo Co-founder and CEO Vinay Bagri said: “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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To avail the prepaid card, any MSME can tie-up with Niyo. Cards are issued to the workers at their workplace itself while their KYC verification is done simultaneously using a biometric device after the tie-up.

Workers can use the card to withdraw funds at ATMs, make online transactions on e-commerce portals and make payment by swiping the card at Point of Sale (PoS) machines once activated.

Darpan Sharma, Business Head-Niyo Bharat said: “Partnership with ICICI Bank is a milestone in our journey to provide best in class service to the underbanked blue-collar segment. The partnership will create an opportunity to provide all banking services to this segment across the length and breadth of the country".

Niyo offers a multilingual app called ‘Niyo Bharat Mobile app’ to further facilitate the cardholders. Through Google Play Store, workers can download this app and register themselves. Transfer funds, pay bills or do recharges online through this app.

Workers can block/unblock the card which provides them control of their card security. Free accidental death insurance cover is also offered to the cardholders.



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Moneycontrol News
first published: Jan 14, 2021 01:20 pm
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