Digital banking solution for the salaried employees NiYO Solutions Inc has announced its expansion in Gujarat, with an aim to digitize the entire payroll and benefits process, for contract workers in various manpower supply companies, working across various industries in the state.
NiYO, which has already on-boarded 50 companies in the state, is serving more than 10,000 new-to-bank users.
Amongst a few notables include The Sainik Manpower Services, Honos Protection Services Pvt. Ltd. and Force 11 Security Services.
NiYO comprises of a corporate portal for salary disbursal, payroll card to receive salary and spend on ATM/POS/Online and a mobile app to track transactions and do basic banking functions like fund transfer etc. With eKYC and self-onboarding enabled on the NiYO app, new bank accounts can be opened under 3 minutes. The users can access their account details and keep a tab on their expenditures and allowances digitally.
The mobile app allows employees to review all card transactions as well as check balances in real time. While it helps the organizations to digitize the benefits and payroll process and be more compliant and transparent, it also provides employees a unique experience of a single card for all requirements. The solution does not require either the corporate or the employee to change bank accounts but helps in obtaining a new account for workers who don't have any.
"Our main focus will be to enable manpower companies completely digitise their payroll process, through our product. We have currently secured 50 new companies as our customers and we hope to reach out to as many contract workers as possible. This will be of major advantage to the employees who have not yet entered the formal banking system and, through NiYO, will now start enjoying the benefits of digitisation and digital banking," said CEO and co-founder, NiYO, Vinay Bagri.
Launched in 2016, NiYO is a pilot in Bangalore and has already clocked more than 500 corporates and is being used by over 160,000 salaried employees in these organisations. It also recently raised USD 13.2 million (85 crore) in Series A to reinvent payroll and benefits for salaried India.
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