Yes Bank, the country’s fifth largest private sector Bank has partnered with the Fintech startup NiYO to revolutionise the Employee Benefits ecosystem in India. NiYO features an integrated solution comprising of a Multi-Pocket Card, a Mobile App and a digital account with multiple wallets.
Under this partnership, Yes Bank along with NiYO has rolled out the ‘Yes Bank NiYO Benefits Card’ that makes it easy for organizations to give employee benefits, and for employees to claim the benefits. The solution will leverage the latest in mobile technologies and build on the IndiaStack initiatives including eKYC by UIDAI and Unified Payments Interface (UPI) launched by NPCI.
The addressable market is close to 30 million salaried employees in India who are eligible for various employee benefits. NiYO was launched in July 2016 as a pilot in Bangalore and has already clocked over 2000 customers in less than two months. NiYO and Yes Bank plan to onboard over 20,000 companies and 5 million customers onto this platform over the next 5 years.
Yes Bank, India’s fifth largest private sector Bank with a pan India presence across all 29 states and 7 Union Territories of India, headquartered in the Lower Parel Innovation District (LPID) of Mumbai.
