~Customer spending set to surge by 50% with the expanded offerings~

 Bengaluru, August 07, 2024: Niyo, India’s pioneering travel banking platform, has expanded into the flight bookings and visa application segments, offering integrated travel-banking solutions to travelers. Niyo has been offering  zero-forex markup debit and credit cards to India’s two million international travelers in partnership with banks. This strategic move aims to provide end-to-end travel solutions to customers via the app and tap into India’s burgeoning new-to-international travelers segment.

Niyo has developed an in-house flight booking platform to offer affordable domestic and international flight options with zero convenience fees. Additionally, Niyo has simplified the visa application process with the launch of a new visa booking product on its app, providing affordability and convenience to customers traveling internationally at zero service fee. These two offerings, along with the Niyo Coins – the new rewards program , will offer superior affordability and convenience to the customers. With this expansion, Niyo expects the average spending per customer on the platform to increase by 50%. Additionally, with the visa application offering, the company aims to reduce the time and effort required for visa applications by 80%. Over 30,000 users have already indicated their interest in availing the visa and flight services on the Niyo app.

According to a report by Mastercard Economics Institute, 97 million passengers traveled through Indian international airports in the first three months of 2024, a figure that took a year to reach a decade ago. The report highlights that the growing middle class and increasing incomes are driving the travel industry’s growth. Over the next five years, India is expected to add over 20 million middle-class individuals and nearly two million high-income earners. This expanding affluent customer base is fueling exceptional growth in the outbound travel segment.

Vinay Bagri, Co-founder and CEO of Niyo, said, “Niyo has always been at the forefront of innovation, providing international travelers with convenient travel banking solutions. Customer feedback has been instrumental in shaping our offerings, and we strive to introduce services that address the real pain points of travelers. Our expansion into flight bookings and visa applications aligns perfectly with this mission and helps us grow the ‘travel-banking’ segment. A majority of our travelers are seeking seamless and affordable travel solutions – and our flight and visa offerings are designed for the same.“

“Our flight booking platform promises the most affordable international and domestic fares, together with the benefit of earning Niyo Coins on every spend. Also, our Visa services address a core customer pain point of timely visa, by offering a 99.4% approval rate on visa and on time delivery plus the benefit of Niyo Coins. Customers can use these Niyo Coins to avail significant discounts on future flight and visa bookings, unlocking more travel aspirations. With the expanding middle class and rising incomes in India, the travel sector is poised for tremendous growth. ”Bagri added.

The company has introduced a new rewards program, Niyo Coins, which can be earned through various channels including referrals, international transactions on credit and debit cards, flight and visa bookings, travel insurance purchases. Currently, customers can earn up to 30% of their booking amount as Niyo Coins and utilize up to 75% of their booking amount in Niyo Coins. Each Niyo Coin is valued at 0.1 INR (10 Paise), with clear terms and conditions ensuring transparency and ease of use.

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The main areas of discussion during the aforesaid meeting included Data Issues such as use of Big Data technology, phenomena by analysing large data sets, Use of Big Data Technology for SME Sector and unleashing the power of Big Data for Public Governance. Other issues which dominated the discussion included Digital Infrastructure & Role of Government, Regulation of Digital Economy especially in privacy, Financial Regulation , Ease of doing Business environment for start-ups , infrastructure gaps for digital India, Taxation issues among others.

Along with the Finance Minister, the meeting was attended by Shri Anurag Thakur, Minister of State for Finance and Corporate Affairs, Finance Secretary, Shri Rajeev Kumar, Shri Atanu Chakraborty, Secretary, Economic Affairs , Shri Ajay Bhushan Pandey, Revenue Secretary, Shri Ajay Prakash Sawhney, Secretary, Department of Electronics & Information technology, Shri Anshu Prakash, Secretary, Department of Telecommunications, Shri Pramod Chandra Mody, Chairman, CBDT, Shri P.K Das, Chairman, CBIC, Dr K.V. Subramanian, Chief Economic Advisor and other senior officials of Ministry of Finance.

The representatives of Digital Economy, Fintech and Start-ups shared their views and suggestions regarding Big Data, incentives for encouraging setting up of data centres, fiscal incentives for data localisation, incentives for pushing digital penetration in rural areas, corporate guarantee to start-ups for competing with other nations, rationalisation of MAT tax rate, tax exemption for start-up units, creation of specific agency for looking after cross border financial crimes, increasing women employment (gender dividend in skill development), training youth in skill development along with international internships and incentivising Research & Development (R&D) within India. While the experts suggested improvements in their respective fields, they also gave a variety of solutions to the sector specific problems. Many speakers suggested giving tax sops to Start-Ups and nurture them in the country.

The participants included Shri Deepak Acharya, Global Chief Legal Officer (CLO), Wipro Ltd., Shri. Mandeep Singh Puri, Chairman, Electronic and Computer Software Export Promotion Council, Ms Vishakha Saigal Jio Mobiles, Shri Dheeraj P. Sharma. Director, IIM Rohtak, Shri George Paul CEO, MAIT, Shri Ashish Aggarwal, Head of Public Policy, Nasscom, Shri Suneel Maggo, President, Chamber of Start-ups, Industries and Entrepreneur (India) Council, Shri Raj Nehru, Vice Chancellor, Shri Vishwakarma Skill University, Shri Anand Nandkumar, Indian School of Business, Shri Amrit Manwani, President, ELCIN, Shri Peyush Bansal, Founder, Lenskart, Shri Amit Bansal, Head of Tax, Uber India and South Asia, Shri H. Nagaraj, Financial Controller, Velankani Electronics (P) Ltd., Shri Virat Bhatia, Managing Director, Strategy & Policy, Apple India, Shri N.K. Goyal, President, Telecom Equipment Manufacturers Association of India, Shri Pankaj Mohindroo, Chairman, Indian Cellular & Electronics Association. Ms. Deepa Mani, Professor, Indian School of Business, Shri Hari Om Rai, Chairman & Managing Director, Lava International Ltd and Shri Madhur Deora , Paytm.

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