NiYO <https://www.goniyo.com/> , 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 her 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.
Besides the cost-effective feature, NiYO Global Card also offers instant
digital onboarding, convenient loading from the user’s bank account via
NEFT/IMPS.
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. This card is a one-stop solution for all of these problems.
We have invested our best effort and technology in the designing process to
provide the safety feature along with other components. The card has already
been reviewed and appreciated by many top executives from the India Inc. and
today, we are glad to present it to our customers at large.”
Founded by Vinay Bagri and Virender Bisht, NiYO works at the intersection of
financial services, HR and technology. NiYO was launched in July 2015 and
since then has already clocked in more than 3000 corporates and is being
used by over 5 lakh salaried employees in these organisations.
