Editorials Science & Technology NiYO Introduces Payroll Solutions for Small and Medium Business Industries
NiYO Introduces Payroll Solutions for Small and Medium Business Industries
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NiYO 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