Niyo new rewards program, Niyo Coins, lets customers earn and redeem points across travel bookings, international transactions, and more, with transparent terms.
Niyo, a trailblazer in travel banking within India, has broadened its services to include flight bookings and visa applications, thereby providing comprehensive travel-banking solutions to its users. In collaboration with various banks, Niyo offers debit and credit cards without forex markups to over two million international travelers from India. This initiative is designed to deliver seamless travel services through its app, specifically targeting India’s rapidly growing segment of new international travelers.
Niyo has launched its proprietary platform for booking flights that features competitive rates for both domestic and international flights and does not charge convenience fees. Additionally, it has introduced a streamlined visa application service through its app, which eliminates service fees, enhancing affordability and convenience for international travelers. These new services are complemented by Niyo Coins, a rewards program aimed at increasing customer affordability and convenience. With these enhancements, Niyo anticipates a 50% increase in customer spending on the platform. The visa service is expected to cut down the time and effort for visa processing by 80%, with over 30,000 users already showing interest in these new features.
A report from the Mastercard Economics Institute reveals that 97 million passengers passed through Indian international airports in the first quarter of 2024, a milestone previously achieved over a year, a decade earlier. The report underscores the role of a growing middle class and rising incomes in propelling the travel sector. Over the next five years, India is projected to see an addition of over 20 million middle-class individuals and close to two million high-income earners, significantly boosting the outbound travel market.
Vinay Bagri, Co-founder and CEO of Niyo, said, “Niyo has always been at the forefront of innovation, providing international travelers with convenient travel banking solutions. Customer feedback has been instrumental in shaping our offerings, and we strive to introduce services that address the real pain points of travelers. Our expansion into flight bookings and visa applications aligns perfectly with this mission and helps us grow the ‘travel-banking’ segment. A majority of our travelers are seeking seamless and affordable travel solutions – and our flight and visa offerings are designed for the same.“
“Our flight booking platform promises the most affordable international and domestic fares, together with the benefit of earning Niyo Coins on every spend. Also, our Visa services address a core customer pain point of timely visa, by offering a 99.4% approval rate on visa and on time delivery plus the benefit of Niyo Coins. Customers can use these Niyo Coins to avail significant discounts on future flight and visa bookings, unlocking more travel aspirations. With the expanding middle class and rising incomes in India, the travel sector is poised for tremendous growth. ”Bagri added.
Niyo has rolled out its innovative rewards scheme, Niyo Coins, which customers can accumulate by engaging in activities such as referrals, international transactions using their credit and debit cards, and through booking flights and visas, as well as purchasing travel insurance. Presently, customers have the potential to earn Niyo Coins worth up to 30% of their total booking value and can redeem these coins for up to 75% of their booking costs. Each Niyo Coin holds a value of 0.1 INR (10 Paise), and the program is designed with straightforward terms and conditions to ensure both transparency and user-friendliness.