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Tuesday, 29 January, 2019, 10 : 00 AM [IST]

NiYO launches first-ever NiYO Global Travel Card with zero forex mark-up

The new product is a cost-effective alternative to traditional forex cards
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 travellers 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. 

Vinay Bagri, CEO and Co-founder, NiYO said, “The forex card market in India is worth USD 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.”

Virender Bisht, CTO and Co-founder, NiYO 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.”

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