Niyo, a front-runner in travel-focused fintech, has revealed the introduction of its remittance service aimed at serving Indian students studying overseas. As their clientele approaches 1.5 million, Niyo plans to establish itself as the top choice for financial support to students and their loved ones by offering an easy, safe, and affordable method for international money transfers.
Students from India make up 25% of Niyo’s customer base, positioning this decision as a strategic partnership with an expanding demographic. In 2023, more than 1.3 million students from India pursued their higher education overseas, a figure projected to exceed 1.5 million by 2025. Niyo aims to seize 50% of this market by the fiscal year 2026.
Vinay Bagri, the CEO and co-founder of Niyo, said, “Innovation has always been at the heart of what we do in travel banking, and this latest remittance service really showcases our dedication to helping Indian students. Our aim is to make it simple and stress-free for them to get money sent abroad, ensuring their financial journey is as smooth as can be.”
Niyo mentioned that its money transfer service offers fair exchange rates and an entirely digital process, enabling fast and seamless transactions right from the Niyo app.
Data shows a 32% rise in the number of Indian people going on two or more overseas journeys annually: This travel trend analysis, spanning from June 2023 to May 2024, reveals important patterns transforming the global travel scene for Indian visitors. The analysis further points out that Indian travelers have a keen preference for vacations, with 55% of all their international excursions being dedicated to leisure activities. Among these leisure trips, Thailand stands out as the preferred vacation spot, especially among those from West Bengal. Additionally, Europe, Indonesia, Singapore, and Vietnam are among the top destinations for vacationing Indians.