Tuesday, July 16, 2024 Niyo, a leading travel banking platform in India, is progressively expanding its services to Indian students pursuing education overseas. Currently, students studying abroad represent 20% of Niyo’s nearly 1.5 million customers.
The company targets capturing half of this market by FY26. The trend of Indian students studying abroad is on the rise, with 1.3 million students in 2023, a 25% increase from the previous year.
Projections suggest this number could reach between 1.5 and 2 million by 2025. With Indians spending $60 billion on international education last year, the sector’s growth trajectory is evident.
Around 34% of Niyo’s student users opt for educational institutions in the USA and Canada, making these countries the top destinations, followed by the UK (13%), Australia (12%), and France (7%). There’s also growing interest in less traditional destinations like Kazakhstan, Uzbekistan, Azerbaijan, and the Philippines. On average, a student on Niyo’s platform spends about Rs.
40 lakhs per year on tuition and living expenses. Niyo’s card, which offers no forex markup, allows students to save up to Rs. 2 lakh annually on forex fees.
This significant cost reduction makes studying abroad more feasible and financially manageable for more students. Vinay Bagri, Co-founder and CEO, Niyo, said, “Being the first in the industry to offer a zero-forex markup card, Niyo has been the preferred travel banking partner for students travelling abroad. .