Niyo, India’s pioneering travel banking platform, is making significant strides in catering to Indian students travelling abroad for their education. With a customer base of nearly 1.5 million, students studying abroad now constitute 20% of Niyo’s total customers. Niyo aims to achieve a market share of 50% among this cohort by FY26.
In 2023, 1.3 million Indian students were pursuing their higher education abroad, marking a 25% increase from the previous year. This number is expected to cross 1.5-2 million by 2025. India’s total expenditure on overseas education reached a whopping $60 billion last year, highlighting the immense potential and importance of this segment.
Niyo has noted that nearly a third (34%) of the students on their platform have gone to the USA & Canada for higher education, followed by the UK (13%), Australia (12%) and France (7%). An emerging trend is the pursuit of higher education in countries such as Kazakhstan, Uzbekistan, Azerbaijan, and Philippines – and Niyo is considered as the most reliable option for students in these countries. On average, Niyo has observed that a student spends approximately Rs. 40 lakhs annually on college fees and daily expenses when studying abroad. Niyo’s zero-forex markup card helps these students save up to Rs. 2 lakh on forex markups alone. These substantial savings can be redirected towards other essential expenses, making international education more affordable and accessible.
Vinay Bagri, Co-founder and CEO, Niyo, said, “Being the first in the industry to offer a zero-forex markup card, Niyo has been the preferred travel banking partner for students travelling abroad. 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.”
“Students continue to be a strategic segment for Niyo, as their spending on the card is five times higher than that of leisure travellers. By focusing on this high-value segment, Niyo is well-positioned to further expand its market share and strengthen its leadership in the overseas education sector. We expect Niyo’s market share to grow from 20% to 35% this year,” Bagri added.
Niyo’s zero-forex markup card allows students to avoid the hefty foreign exchange fees typically associated with international transactions. This innovative feature ensures that students can manage their finances more effectively, making every rupee count towards their education and living expenses abroad. While a conventional forex card can be taken only after a visa, cards offered by Niyo have no such restrictions. Hence, students have been using Niyo cards for their education payment needs much earlier in their journey such as college application fees, admission deposits, visa fees, etc, thereby saving up to INR 50000 in pre-departure expenses. Unlike a forex card, students can use their Niyo cards in India as well for domestic transactions through UPI, etc.
In addition to savings, Niyo also offers seamless access to over 15 essential services for students such as accommodation, financial services, etc across 25 countries. All of these services can be accessed through a dedicated student section in the Niyo app.
