Fintech Startup Niyo Expands With Travel-banking Offerings
The company forays into flight bookings and visa application segments. Customer spending set to surge by 50 per cent with the expanded offerings
Niyo, a 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.“
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.
