At a time when more than 80% of the country is under lockdown-like restrictions, the relevance and need of having a digital savings account have increased exponentially, NiyoX Equitas, a 2-in-1 digital saving account offered by Niyo in partnership with Equitas Small Finance Bank and Visa has on-boarded 100,000 customers in less than two months of its launch.
“NiyoX has recorded 90% of sign-ups from the working millennials population, spread over in 9000 pin codes across the country,” Niyo said.
Speaking on achieving this milestone, Niyo’s Cofounder and CEO Vinay Bagri said, “The remarkable success of NiyoX stands testimony to the increasing acceptability of digital products and services among Indian consumers and how a gradual digital transformation is taking place across the country. It has been our constant endeavor to enhance customer experience by offering advanced services and features in the most user-friendly manner. Digital banking is the need of the hour and it is redefining the way financial services are perceived in India. “
Commenting on the achievement, Virender Bisht, Niyo’s co-founder & CTO said, “Riding on the back of rapid mobile adoption, neo-banks have already democratized banking for customers in the western countries like the UK, USA & Europe. The pandemic has also triggered traditional banking customers in India to now switch to digital banks for the convenience, simplicity, advanced features, and prompt support that NiyoX provides.”
“Niyo has been creating path-breaking products since inception. We still feel that our innovation journey has just begun, and plan to introduce several market first products in coming quarters. On the back of our innovative products and bank partnerships, Niyo will maintain pole position in this rapidly expanding market,” Bhist added.