NiYO Solutions Inc., a leading employee benefits cards company, has introduced NiYO canteen solution for their corporate customers. Through this solution, employees can use their meal coupons digitally at their canteens through their NiYO cards and Niyo app. To enable this, NiYO has installed POS machines, NFC tags and QR codes at canteen counters of corporates which are their customers.
NiYO expects this solution to reach 1 million employees in next 2 years. At present, the solution is up and running in various IT parks and Tech villages in Bengaluru like- Global Tech Village, RMZ Eco Space and Manyata Tech Park.
Mentioned below are the benefits of the NiYO Canteen Solution:
Benefits for employers
- Easy to customize food allowance for tax benefits
- Easy to distribute food allowance
- Complete coverage (accepted at all POS/Online)
- Single point solution for all employee benefits
Benefits for employees
- Complete flexibility of usage with tax benefits
- Acceptability at office canteen
- Complete coverage (accepted at all POS/Online)
- Ease and convenience of usage
- Option to pay from desk and collect food when in hurry- helps avoid long queues
Benefits for vendors
- Choice of accepting payments by machine/QR code
- No installation fees- POS machines installed by NiYO
- No monthly charges
- Better queue management
NiYO is a multiple wallet card which acts as a one stop solution for food, medical, fuel, travel, phone and various other tax exempt benefits. NiYO aims to revolutionize the payroll market with a new age banking-grade solution that will effectively give salaried Indians a pay raise of up to 10%. With the support of disruptive platforms such as Aadhaar and the Unified Payment Interface [UPI], NiYO will enable its customers to control their finances in real-time, on their fingertips. All this while ensuring a transparent, compliant and efficient process for employers. NiYO has also filed multiple product and process patents in this space.
Vinay Bagri, Co-founder and CEO, NiYO Solutions said
Food vouchers, canteen solutions & employee benefits have been treated as silos by most solution providers. We have brought all the three together to give world class experience for employers and employees by aligning and combining the best of fintech payment systems like cards, QR codes and NFC. This provides a never before flexibility for employees to choose medium of payment they are most comfortable with and still enjoy tax benefits and helps employer to ensure no time is wasted in canteen queues.
NiYO has recently introduced the NiYO Payroll Solution for employees working in SMBs. The solution 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. 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.
NiYO has also partnered with H&R Block the biggest consumer tax filing company in India to revolutionise the tax planning experience for salaried individuals. Under this partnership, H&R Block along with NiYO provide the ‘HRB-NiYO Employee Benefits Solution‘ that makes it easy for organizations to help employees through the complete tax cycle. The partnership brings forth a first-of-its-kind technology that makes tax saving and filing completely digital. It starts from the moment the employees receive tax-free allowances as part of their monthly salary.
NiYO has raised USD 1 Million in funding till date, from Prime Venture Partners.
About NiYO
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, 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. For more information, please visit NiYO