ICICI Bank has introduced prepaid cards for micro, small and medium (MSME) workers. The bank said in a statement that it has tied up with a new age fintech Niyo to issue prepaid cards. The bank said that MSME will now be able to get ICICI Bank Neo Bharat Payroll Card for its blue color workers. With this, the industries will be able to upload their workers’ salary on their card, which the employees can use according to their needs.
Facility to add up to Rs 1 lakh
With the help of this card, a person can get up to 1 lakh rupees in the card account. With the card, employees can withdraw money from ATMs, conduct online transactions on the e-commerce portal and can also swipe the card at Point of Sale (POS) machines and make payments. This gives the facility of digital banking to the employees with ease and security.
The statement said that this agreement with ICICI Bank is in accordance with the mission of Neo, which is to change the banking experience for Indian employees. With this, Neo has announced the target of reaching 50 lakh personnel with its flagship product Neo Bharat in the next five years. According to the statement, Neo India currently has relationships with more than 1.7 million customers and more than 7000 corporates, adding about 5000 customers daily.
Many benefits with the help of the app
It has been said in the statement that in order to provide convenience to the cardholders, Neo has brought an app in many languages called Neo Bharat Mobile App. Employees can register themselves by downloading this app from Google Play Store. With the help of the app, you will be able to transfer funds, pay bills and recharge online. This also helps to block or unblock the card for its security. Cardholders will also get a free accidental cover.