Business Wire IndiaNiYO Solutions Inc., a Fintech company has introduced NiYO Payroll Solution for employees working in SMBs. The solution comprises of a corporate portal (for employer), payroll card and a mobile app (for employees). The Payroll solution has been launched by NiYO to curb the problem of distributing cash to daily and monthly wage earners in these industries. Since demonetisation, NiYO has seen a 500% increase in demand for the solution and has already signed up more than 100 SMBs.
Employee Payroll Solutions for SME and MSMEs have seen very little innovation in the past several decades with banks not focusing on these customers because of the low value of salary credits. Even the payroll systems for processing & disbursing salaries in these industries are mostly rudimentary or manual in nature. Small and midsized firms have always followed the traditional method of manual/semi-manual salary processing and paying salaries by cash to their employees. This causes problems to the employer and employee alike. The employer has to always keep heavy cash in hand and the employee is denied access to digital payments & formal banking. With India steadily moving towards a cashless economy, it is imperative that all salaried employees have the access to digital transactions and are also linked to formal banking systems to enjoy the fruits of a high GDP growth.
Looking at these ground realities, NiYO sensed an unique opportunity to create value for employers and employees and rolled out the NiYO Payroll Solution comprising of 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 the NiYO Payroll Solution, it takes 30 seconds of eKYC for each employee to be on boarded to the system through Aadhaar. Once issued, the Payroll Card can then be used at any MasterCard/VISA/RuPay terminal (~1.5 million), any online merchant and at any ATM to withdraw cash. The card saves employers from the hassle of distributing cash and allows for the salary to be credited through NEFT/IMPS via the easy to use NiYO Corporate Portal. The card has a validity of 5 years and can be reloaded any number of times. On the other hand, the card provides ease to employees as it can be used anywhere safely with no minimum balance charge, money can be transferred/ added/ received easily with no charges. In addition to all the benefits, users can also request for another card for their family members.
Below are some key features of the Payroll Card:
- NiYO App – Makes mobile banking easy
- Helps in checking balance and transactions through app
- Enables transfer of funds/ bill payments and EMI/ SIP payments
- Service via chat on app
- Next generation security for employees/ employers
- ATM pin can be changed through mobile app
- Card can be locked/ unlocked/ blocked through mobile app
- Pin required for every transaction
- Niyo corporate portal
- Load salaries 24/7
- Onboard new employees
- Print statements/reports
- Manage advances
Vinay Bagri, co-founder and CEO, NiYO Solutions
“The NiYO Payroll Solution has the potential to bring millions of salaried Indians into formal financial economy. It offers an easy and convenient way for the employers and employees to make salary disbursal cashless. This will bring the employers on the right side of law regarding digital salaries and will help employees manage their finances better and be attached to formal banking channels for future needs. NiYO is the most secure payroll card ever and I believe the product will be a significant step towards India becoming a cashless economy.”
Ajay Dangi, Founder, Dangi Enterprises
“We are one of the most reputed manpower agencies in Delhi-NCR region and as any other agency in our business, we were always reliant on cash for employee payouts. It hit us hard after demonetization and the employees also suffered. That’s when we opted for NiYO Payroll Solution. The experience with NiYO has been great, the corporate portal is best in class and reduces our work dramatically, the employee is happy with the card as it works at all ATM, POS machines and for online vendors. The security features, especially lock/unlock of the card gives us a lot of comfort.”
Founded in 2015 by Vinay Bagri and Virender Bisht, NiYO’s mission is to increase cash flow for all salaried individuals by leveraging technology in areas of payroll & benefits. NiYo features an integrated solution comprising of a Multi-Pocket Card, a Mobile App and a digital account with multiple wallets.
Vinay has spent more than 18 years working with diverse organisations like Parle, 3M, ICICI Bank, SCB, ING and Kotak Mahindra Bank. He combines deep understanding of distribution and retail banking having spent over a decade in leadership roles across unsecured lending, retail liabilities, corporate salary and retail banking strategy.
Virender is a seasoned technology professional with 16 years of experience in creating world-class software products for companies like MobiKwik, MakeMyTrip (MMYT), StudyPlaces.com, Exponential Inc, GE Medical Systems and Tata Consultancy Services. Virender is a hands-on technologist and has a reputation for building scalable solutions for e-commerce and payments domain.