Bengaluru, September 09, 2024: Niyo, India’s pioneering travel-banking fintech with a customer base of nearly 1.5 million forays into outward remittance to strengthen its offering for Indian students pursuing education abroad. This new offering is designed to provide a seamless, secure, and affordable way for students and their families to transfer money internationally, ensuring that the financial aspects of studying abroad are as stress-free as possible.

With Indian students making up 25 % of Niyo’s total customer base, the introduction of this remittance service aligns with the company’s strategic focus on this high-growth segment. In recent years, the number of Indian students studying abroad has surged, with over 1.3 million students pursuing higher education internationally in 2023 alone—a number expected to exceed 1.5 million by 2025. Niyo aims to achieve a market share of 50% among this cohort by FY26.

Vinay Bagri, Co-founder and CEO of Niyo, said, “We have always been at the forefront of innovation in travel banking, and the introduction of our outward remittance service is a natural extension of our commitment to supporting Indian students abroad. This service will not only make international money transfers more accessible but also reinforce our position as a trusted partner in their educational journey.”

“With the customer at the heart of everything we do, Niyo’s product offerings focus on delivering zero-cost solutions. From zero forex mark-up to zero convenience fee on flight bookings, zero service fee on visa applications, zero commission on mutual funds, zero surcharge fee on ATM withdrawals and zero platform fee on remittances, Niyo is setting a new standard for convenience and value addition,” Bagri added.

The remittance offering is tailored to meet the unique needs of students, offering competitive exchange rates, and a fully digital experience that allows for quick and easy transfers directly from the Niyo app. By simplifying the process, Niyo enables students to focus on their studies rather than worrying about financial logistics.

Niyo’s outward remittance service complements its existing suite of offerings, including the zero-forex markup card, which has already helped lakhs of students save on currency exchange fees. With this comprehensive approach, Niyo is poised to be the market leader of the said segment.

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~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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