Digital Banking Start-Up Partners With NPCI, Plans To Serve 5 Mln Blue Collar Workers By 2022
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NiYO, a digital banking start-up, has partnered with the National Payments Corporation of India (NPCI) to provide salary management solutions to the blue collared segment in the country.
As part of the partnership, Niyo Bharat, which offers a salary account for blue-collar employees, will work with NPCI’s Rupay - the domestic payment network with wide acceptance - to help regional and local banks across the country offer their services to the underserved strata.
Both NPCI and NiYO also announced their target of reaching 5 million blue collar workers by 2022 through the collaboration.
“This strategic partnership will facilitate workers in this segment with a bank account and empowering them towards digital banking as well as financial security,” said NPCI’s chief of marketing Kunal Kalawatia.
Venturing Into Broader Financial Inclusion
Founded in 2015, the Bengaluru-based company operates two major businesses at the moment: Niyo global card and Niyo Bharat. The former is a rupee-denominated debit card that converts the amount to be paid into local currency in real time at the time of the transaction.
With Niyo Bharat, which currently has over 6,000 corporations on its network and over 15 lakh customers, the company gives blue collar workers the option to have a zero-balance salary account with no extra charges. The mobile app is available in different languages with a voiceover enabled feature.
“Our main objective is to provide digital salary management, impart education on essential labour laws and provide secure financial solution opportunities to blue-collar workers. This will not only foster financial inclusion but also inculcate a long-term saving habit among them,” said NiYO co-founder and chief executive officer Vinay Bagri.
To meet the emergency needs of workers in this segment, it provides an advance salary feature as well.
The company also plans to provide wealth products such as mutual funds starting at as little as INR 100 and digital gold where investment can be as low as INR 1.