ICICI Bank launches prepaid cards for MSME workers in collaboration with Niyo – ET BFSI


Private lender ICICI Bank announced a tie-up with FinTech Niyo to issue prepaid cards to MSME workers. The lender said MSME blue-collar workers would be able to get the ‘ICICI Bank Niyo Bharat Payroll Card’ which Allowed customers to receive funds of upto Rs 1 lakh.ICICI Bank in a statement said the card, thorugh which MSMEs could also disburse worker salaries, was in line with Niyo’s aim of reaching 5 million blue-collar workers in 5 years. Through the card, workers could withdraw funds at ATMs, make online transactions at e-commerce portals, and also make payments at POS terminals.

Sudipta Roy, Head – Unsecured Assets at ICICI Bank 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,” he further added.Niyo’s Co-founder and CEO Vinay Bagri further noted “The Niyo Bharat Digital Salary Solution has the potential to bring millions of blue collared salaried workforces into the formal economy and also support the nation’s successful march towards Digital India,” further adding “Our primary objective is to provide digital banking solutions for the blue-collar segment to not only foster financial inclusion but also inculcate a long-term saving habit among them.”


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