Niyo, a prominent travel banking platform in India, has announced a remarkable 30% year-on-year increase in the adoption of its zero-forex markup cards by Indian students pursuing education overseas. This growth substantially outpaces the overall 17.67% expansion of the Indian study-abroad sector. According to data from the Ministry of External Affairs, 1.8 million Indian students are currently studying abroad in 2025, a rise from 1.3 million in 2023. This indicates that Niyo is growing nearly 1.7 times faster than the broader segment, reflecting increasing confidence in its specialized financial tools for students.
Students now represent 25% of Niyo’s total customer base, up from 20% in 2024. This consistent growth highlights the platform’s increasing relevance within the travel banking ecosystem tailored for education. A key factor driving this expansion is Niyo’s strong reach into Tier-II and Tier-III cities, which collectively account for 25% of all new card applications. This trend points to growing student mobility and financial awareness beyond India’s major metropolitan areas.
The way students use these cards is also evolving. Increasingly, students are utilizing Niyo’s zero-forex markup card for various expenses well before their departure. These include payments for college or university application fees, admission deposits, SEVIS/IHS charges, visa fees, and accommodation bookings. On average, each student transacts approximately USD 5,000 before traveling abroad, underscoring the card’s vital role in their pre-departure financial planning.
Beyond established metro hubs such as Mumbai, Delhi, Bengaluru, Hyderabad, Chennai, and Pune, Niyo has observed a notable increase in demand from students in cities like Jalandhar, Jaipur, Ahmedabad, Surat, Ernakulam, and Guntur over the past year.
Mr. Vinay Bagri, Co-founder and CEO of Niyo, emphasized the company’s vision: “We’ve always believed that international education demands robust international banking preparation. Today’s students are financially savvy and proactive; they seek seamless, globally ready financial solutions even before their journey commences. From our zero-forex card and instant remittance tools to 24-hour card delivery and over 15 in-app services, Niyo is dedicated to making global aspirations financially accessible for Indian families.”
To further support these changing behaviors, Niyo recently launched a zero-fee international money transfer service. This allows families to remit tuition fees, fund blocked accounts (averaging ₹12 lakh), and cover rent and living expenses without incurring any Forex, SWIFT, or platform charges. This innovation can result in savings of up to ₹25,000 per ₹10 lakh transfer, delivering significant value in a sector traditionally marked by high remittance costs.
Currently, 60% of Niyo’s student cardholders are heading to traditional study destinations like the USA, UK, Canada, Germany, and Australia. However, there’s also a noticeable uptick in adoption for emerging destinations, including Ireland, Georgia, Uzbekistan, Kazakhstan, and Italy, particularly among those pursuing MBBS degrees and other alternative education pathways across Europe.
With its student-centric approach, expanding product suite, and growing adoption across India, Niyo is well-positioned to become the preferred travel banking choice for Indian students. The company aims to secure a 50% market share in the student travel banking segment within the next two years.
Niyo is a leading Indian fintech company that has revolutionized “travel banking” for Indian consumers. Co-founded in 2015 by banking veteran Vinay Bagri (CEO) and technology veteran Virender Bisht (CTO), Niyo began offering zero-forex debit and credit cards in FY19, providing an optimized banking experience and value for international travelers. In its last Series-C funding round in 2022, Niyo successfully raised $130 million, led by global VC and PE firms Accel, Lightrock, and Multiples. Its investor portfolio also includes Prime Venture Partners, Horizons Ventures, Tencent, JS Capital, Social Capital, and Beams Fintech Fund. Niyo operates from its corporate offices in Bengaluru and maintains a sales presence across more than 20 states and union territories.
