NiYO launches global travel card with zero forex mark-up
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.
NiYO 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 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: “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.”
