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. This value proposition of the card has made it possible for students to save significantly on their education expenses.
Also, it is extremely convenient for their parents to load money instantly in INR through UPI from India, without any hassle of reaching out to banks or forex agents.” “Students continue to be a strategic segment for Niyo, as their spending on the card is five times higher than that of leisure travellers. By focusing on this high-value segment, Niyo is well-positioned to further expand its market share and strengthen its leadership in the overseas education sector.
We expect Niyo’s market share to grow from 20% to 35% this year,” Bagri added. Niyo’s zero-forex markup card is a game-changer for students studying abroad, eliminating the hefty fees usually tied to international transactions. This feature allows students to optimize their financial resources, ensuring that every rupee is effectively used for their educational and living expenses overseas.
Unlike traditional forex cards, which are often only available post-visa issuance, Niyo cards impose no such constraints. This flexibility enables students to utilize Niyo cards early in their educational journey, covering costs like college application fees, admission deposits, and visa fees, potentially saving up to INR 50,000 in pre-departure expenses. Moreover, Niyo cards can also be used within India for domestic transactions via UPI and other methods.
Further enhancing its utility, Niyo provides students with easy access to over 15 vital services, including accommodation and financial services, across 25 countries through a dedicated section in the Niyo app. This integration simplifies the management of various necessities, making the overseas education experience smoother and more accessible..
