Niyo Aims For 50 per cent Market Share In Indian Student Travel Banking By FY26

Niyo, India's travel banking platform, is enhancing its services for Indian students studying abroad, with 20 per cent of its total customers now studying abroad, and aiming to achieve a 50 per cent market share by FY26.

In 2023, 1.3 million Indian students pursued higher education abroad, a 25 per cent rise from the previous year. By 2025, this number is expected to reach 1.5-2 million, with India's total expenditure on overseas education reaching $60 billion.

Niyo, a platform for higher education, reports that 34 per cent of its students go to the USA & Canada, followed by the UK, Australia and France. The platform is considered the most reliable option for students in countries like Kazakhstan, Uzbekistan, Azerbaijan and the Philippines. Students spend around Rs 40 lakhs annually on college fees and daily expenses when studying abroad. Niyo's zero-forex markup card helps students save up to Rs 2 lakh on forex markups, making international education more affordable and accessible.

“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”, Vinay Bagri, Co-founder and CEO, Niyo, said.

Niyo's zero-forex markup card enables students to avoid foreign exchange fees associated with international transactions, allowing them to manage their finances more effectively. Unlike forex cards, which can only be taken after a visa, Niyo cards have no restrictions, allowing students to use them for pre-departure expenses like college application fees and admission deposits. They can also be used for domestic transactions through UPI in India, saving up to INR 50000.