NiYO, the new-age digital banking solutions provider for salaried employees, has launched NiYO Global Travel Card, which is the first-ever forex card with ‘zero forex mark-up’. Travellers, using this card, will not pay any currency exchange premium and international transaction fees – unlike a regular forex card.
With the NiYO Global Travel Card in the pocket, the overseas traveller will effectively have no need for the usual multi-currency forex cards or travellers’ cheques – all the while making international transactions cost-effective across 150-plus countries and 35 million merchants worldwide.
The card is supported by a cutting-edge mobile app, which gives users the ability to lock and unlock either the full card or a payment channel anytime, anywhere in the world. The app also provides real-time notifications on usage, exchange rates and refunds, while helping users find convenient ATM locations, avail nearby offers – thus making it one of the most modern cards in the world today.
Further, business travellers can submit claims on-the-go by adding bills for each transaction right in the app. These claims can be instantaneously approved by their employer organisations via the NiYO Corporate Portal.
NiYO CEO and Co-founder Vinay Bagri said, “The forex card market in India is worth $17 billion; around 20 million people are expected to travel abroad this year. By 2020, this number will rise to 50 million. With such a staggering number of Indians travelling abroad, we aim to capture a lion’s share of the market.”
NiYO CTO and Co-founder Virender Bisht said, “Our aim has been to facilitate hassle-free experience among our customer. Forex is one of the key components for travel and remains a concern.”
“International travellers are always burdened with high currency exchange rate charged by banks, which varies between 1-3% of the amount transacted. Banks also charge either a flat fee or a set percentage of the transaction amount in addition to the currency exchange charge. Moreover, people are also very worried about card security abroad,” he added.
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