Previously offering zero-forex markup debit and credit cards to two million international travelers in India through partnerships with banks, Niyo now aims to deliver travel solutions via its app. This expansion targets India's growing segment of new international travelers.
Niyo has introduced an in-house flight booking platform that provides affordable domestic and international flights with no convenience fees. The company has also simplified the visa application process with a new visa booking product on its app, which eliminates service fees and offers both cost-effectiveness and convenience. In addition to these services, Niyo has launched Niyo Coins, a rewards program designed to raise affordability and convenience.
Customers can earn up to 30% of their booking amount as Niyo Coins and use up to 75% of their booking amount in Niyo Coins.
The company anticipates a 50% increase in average spending per customer on its platform due to these new offerings. The visa application service is expected to cut processing time and effort by 80%, with over 30,000 users already expressing interest in the new flight and visa services.
A report from the Mastercard Economics Institute reveals that 97 million passengers traveled through Indian international airports in the first quarter of 2024, a figure that took a year to reach a decade ago. The growth is attributed to an expanding middle class and rising incomes, with India projected to add over 20 million middle-class individuals and nearly two million high-income earners over the next five years. This affluent customer base is contributing to significant growth in outbound travel.
The travel banking industry is experiencing a significant shift towards integrated solutions that merge financial services with travel management. One of the most notable trends is the increasing demand for platforms that offer a blend of travel and banking functionalities.
This integration reflects a broader movement towards convenience and efficiency, as travelers seek unified solutions that simplify the complexities of managing finances and travel logistics. This trend is reshaping travel behaviors, with a growing preference for digital tools that provide real-time updates, instant currency conversion, and personalised financial insights. Additionally, the rise of mobile technology and fintech innovations is driving the demand for smart travel banking solutions, enabling users to handle transactions, monitor spending, and access travel-related services from a single app. These developments are influencing both consumer expectations and industry standards, pushing travel and financial service providers to improve their offerings and deliver more integrated, user-friendly experiences.
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