Payroll banking which is a combination of salary accounts, employee benefits and corporate expenses, is a $6 trillion industry worldwide, which is expected to touch $8 trillion by 2025.
Vibhore Goyal, the Founder and CEO of OneBanc said, “We harmonize and personalize employee banking, benefits, and expenses so that everyone in the value chain benefits. It is our ambition to become the world’s largest Payroll Banking Disruptor while increasing efficiency and eliminating waste through artificial intelligence and automation.”
Payroll banking which is a combination of salary accounts, employee benefits and corporate expenses, is a $6 trillion industry worldwide, which is expected to touch $8 trillion by 2025. In India, the industry is expected to grow at 11 per cent year-on-year (YoY) and is projected to be worth $496 billion by 2025. It acquires complexity with the addition of taxation, exemptions, reimbursements, and other things linked to employees’ salary accounts.
Pankaj Bansal, Co-founder, and Chairman, PeopleStrong said, “Our internal data shows only 2 per cent of employee benefits are claimed and realized across the 1.5 million salaries we process. Imagine if a private airline is able to put 5 per cent more salary in the hands of its 20,000 employees during this particularly bad time for the industry when everyone has had to cut jobs and salaries.”
Currently, PeopleStrong has a presence in over 350 large enterprises across Asia-Pacific, with over 1.5 million user-base.