Niyo, a travel banking platform, has expanded its service offerings to include flight bookings and visa applications, expanding its travel banking solutions for users.
Niyo has so far offered debit and credit cards with no foreign exchange markup to two million international travellers in India through partnerships with banks and now aims to offer travel solutions through its app. This expansion is aimed at India’s growing segment of new international travellers.
New features and rewards program
Niyo has launched its own flight booking platform that offers cheap domestic and international flights with no processing fees. The company has also simplified the visa application process with a new visa booking product on its app that eliminates service fees and offers both cost efficiency and convenience. In addition to these services, Niyo has launched Niyo Coins, a rewards program designed to increase affordability and convenience.
Customers can earn up to 30% of their booking amount as Niyo Coins and use up to 75% of their booking amount in Niyo Coins.
The company expects a 50% increase in average spend per customer on its platform due to these new offerings. The visa application service is expected to reduce processing time and effort by 80%. Over 30,000 users have already expressed interest in the new flight and visa services.
A report by the Mastercard Economics Institute shows that 97 million passengers travelled through Indian international airports in the first quarter of 2024 – a figure that was only reached after a year a decade ago. The growth is attributed to a growing middle class and rising incomes. Over the next five years, India is expected to add over 20 million middle-class citizens and nearly two million top earners. This affluent customer base is contributing to significant growth in outbound travel.
Trends in the travel banking industry
The travel banking industry is experiencing a significant shift towards integrated solutions that combine financial services with travel management. One of the most notable trends is the increasing demand for platforms that offer a combination of travel and banking functions.
This integration reflects a broader trend toward greater convenience and efficiency as travelers seek unified solutions that simplify the complexities of financial management and travel logistics. This trend is changing travel behavior, with digital tools that provide real-time updates, instant currency conversion, and personalized financial insights becoming increasingly popular. In addition, the rise of mobile technology and fintech innovations is driving demand for smart travel banking solutions that allow users to conduct transactions, monitor spending, and access travel-related services through a single app. These developments are influencing both consumer expectations and industry standards, forcing travel and financial services providers to improve their offerings and provide more integrated, user-friendly experiences.
