Neobank Niyo associated with the National Payments Corp. from India (NPCI) to Advance Financial Inclusion and Bring Financial Services to Over Five Million Blue Collar Workers in India by 2022, Crowdfund Insider reported.
Niyo’s employee payroll solution, Niyo Bharat, gives workers a salary account. Payroll software makes it easier for companies to manage workers’ salary information.
“This is a great opportunity for us to meet the needs of blue collar workers in association with Niyo Bharat. This strategic partnership will facilitate workers in this segment with a bank account and give them the means to [with] digital bank [solutions] as well as financial security. It is our constant goal at NPCI to reach the vast unbanked population with technological innovation, ”said Kunal Kalawatia, Marketing Manager at NPCI.
NPCI will help workers use the local Rupay payment network, which works with ATMs, point-of-sale (POS) terminals and e-commerce sites. Niyo Bharat will help local financial institutes to extend payroll services to disadvantaged sections of society.
Niyo co-founder Vinay Bagri said Niyo Bharat is growing rapidly and his collaboration with NPCI will bring financial inclusion to blue collar workers.
“Our main goal is to provide digital payroll management, training on essential labor laws and providing secure financial solutions opportunities for blue collar workers. This will not only promote financial inclusion, but will also instill in them a habit of long-term savings, ”Bagri said in a statement.
Niyo Bharat users can quickly and easily open zero balance salary accounts at their workplace. Payment cards use the multilingual Niyo Bharat mobile application. The app offers a cash advance option to allow an employee to get paid before payday. This function can enable people to manage emergency expenses.
The app also allows users to purchase mutual funds and digital gold instruments, starting with amounts as low as INR 100 ($ 1.39). Reports indicate that Niyo Bharat has over 6,000 business customers and over 150,000 users.
Last month, NPCI has given Facebook-owned messaging service WhatsApp regulatory approval for a WhatsApp Pay platform in India.