ICICI Bank and Niyo, a new age fintech have partnered to issue prepaid cards to workers of Micro, Small & Medium Enterprises (MSMEs). MSMEs can receive ‘ICICI Bank Niyo Bharat Payroll Card’ powered by Visa, for their blue-collar workers, who are mostly under-banked.
With this, employers can tranfer the salaries of their workers on the card, which the workers can then utilise as per their need. The ‘ICICI Bank Niyo Bharat Payroll Card’ 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.
Any MSME can partner with Niyo to avail the prepaid card. After the tie-up, cards are issued to the workers at their workplace itself after their KYC verification is done simultaneously using a biometric device. Once activated, 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.
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. Workers can transfer funds, pay bills or do recharges online through the Niyo App. 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.
