ICICI Bank ties up with fintech Niyo to issue prepaid cards to MSMEs

ICICI Bank, a leading Indian private sector bank, and Niyo, a new age fintech company announced a tie-up to issue prepaid cards to Micro, Small and Medium Enterprises (MSMEs) workers. MSMEs will now be able to get ‘ICICI Bank Niyo Bharat Payroll Card’ powered by Visa, for their blue-collar workers.

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Benefits include:

  • With this, MSMEs can upload the salaries of their workers on the card, which the workers can then utilise as per their need seamlessly.
  • These workers are mostly under-banked and are deprived of banking facilities.
  • The ‘ICICI Bank Niyo Bharat Payroll Card’ allows an individual to receive funds up to Rs 1 lakh into the card account. It offers convenience and safety of digital banking to the blue-collar workforce while providing a state-of-the-art salary disbursement solution to the employers.
  • Any MSME can tie-up with Niyo to avail of the prepaid card. After the tie-up, cards are issued to the workers at their workplace itself while their KYC verification is done simultaneously using a biometric device.
  • Once activated, workers can use the card to withdraw funds at ATMs, make online transactions on e-commerce portals and make payment by swiping the card at Point of Sale (PoS) machines.

Important takeaways for all competitive exams:

  • ICICI Bank Headquarters: Mumbai, Maharashtra.
  • ICICI Bank MD & CEO: Sandeep Bakhshi.
  • ICICI Bank Tagline: Hum Hai Na, Khayal Apka.

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