Private lender ICICI Bank has joined hands with Fintech Niyo to issue prepaid cards to workers of Micro, Small & Medium Enterprises (MSMEs). With this development, the MSMEs will now be able to avail ‘ICICI Bank Niyo Bharat Payroll Card’ powered by Visa, for their blue-collar workers, who are mostly unbanked.
MSMEs will now be able to send the salaries of their workers on the card, which the workers will use as per their need in a seamless manner. The ‘ICICI Bank Niyo Bharat Payroll Card’ allows an individual to receive funds upto Rs. 1 lakh into the card account.
Sudipta Roy, Head – Unsecured Assets, ICICI Bank said, “We at ICICI Bank constantly strive to introduce facilities that foster inclusivity and extend the reach of the formal banking ecosystem. In line with this, 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.”
Vinay Bagri, Co-founder and CEO, 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.”