You can be on Entrepreneur’s cover!

Digital Banking Start-Up Partners With NPCI, Plans To Serve 5 Mln Blue Collar Workers By 2022 Niyo Bharat currently has over 6,000 corporations on its network and over 15 lakh customers.

By Debroop Roy

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

NiYO

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.

Debroop Roy

Former Correspondent

Covering the start-up ecosystem in and around Bangalore. Formerly an energy reporter at Reuters. A film, cricket buff who also writes fiction on weekends.
News and Trends

IT Firm Happiest Minds Technologies Acquires Macmillan Learning India

The deal will likely be finished by April 30 and will cost INR 4.5 crore.

Data & Recovery

This File Backup Tool Subscription Is $25 for Life for One Week Only

AOEMI Backupper Professional is designed to protect, store, and transfer user's files for them.

Business News

Microsoft's New AI Can Make Photographs Sing and Talk — and It Already Has the Mona Lisa Lip-Syncing

The VASA-1 AI model was not trained on the Mona Lisa but could animate it anyway.

Business News

James Clear Explains Why the 'Two Minute Rule' Is the Key to Long-Term Habit Building

The hardest step is usually the first one, he says. So make it short.

Starting a Business

6 Effective Funding Strategies for Startups

Navigating startup financing is complex. Entrepreneurs find themselves at the crossroads of innovation and survival, where a single decision can either fuel their dreams or extinguish their aspirations. Here we look at six ways you can finance your startup to support your business for long-term success.

Personal Finance

How to Get a Lifetime of Investing Experience in Only One Year

Plus, how day traders can learn a lesson from pilots.