ICICI Bank, an Indian private sector bank, has entered into a partnership with fintech company Niyo, to issue the ICICI Bank Niyo Bharat Payroll Card to workers of micro, small and medium enterprises (MSMEs).

MSMEs will now be able to get the prepaid cards powered by Visa for their blue-collar workers, who are mostly under-banked.

The prepaid cards will enable MSMEs to upload their workers’ salaries on the card, which can be used as per their requirements.

The ‘ICICI Bank Niyo Bharat Payroll Card’ enables an individual to get funds up to INR 1 lakh into the card account. The prepaid card provides convenience and safety of digital banking to the blue-collar workers, while giving a salary disbursement solution to the MSME employers.

Sudipta Roy – ICICI Bank Unsecured Assets Head 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.”

For availing the ICICI Bank Niyo Bharat Payroll Card, any MSME can tie-up with Niyo following which the cards are issued to the workers at their workplace itself. On the other hand, the workers’ KYC verification is simultaneously done using a bio-metric device.

After activation, workers can use the card for withdrawing funds at ATMs, carry out online transactions on e-commerce portals, and make payments by using the card at point of sale (PoS) machines.

Niyo is also offering the Niyo Bharat Mobile app, a multilingual app, for enabling them to transfer funds, pay bills, or make recharges online.

Darpan Sharma – Business Head at Niyo Bharat said: “Partnership with ICICI Bank is a milestone in our journey to provide best in class service to the underbanked blue collar segment. The partnership will create opportunity to provide all banking services to this segment across the length and breadth of the country.”

  Banking industry news, Darpan Sharma, ICICI Bank, India, Niyo, Sudipta Roy