New-age digital banking solutions provider NiYO has unveiled the first-ever forex card with ‘zero forex mark-up’. Christened as NiYO Global Travel Card will help the travelers to transact without paying any currency exchange premium and international transaction fees, unlike a regular forex card.
This card will help the overseas travelers in making cost-effective international transactions across 150-plus countries and 35 million merchants worldwide. They will not have to go through the hassles of usual multi-currency forex cards or travellers’ cheques.
Further, it also provides instant digital onboarding, convenient loading from the traveller’s bank account via NEFT/IMPS.
It is supported by a cutting-edge mobile app, the offers users the feature to lock and unlock either the full card or a payment channel anytime, anywhere in the world.
In addition, the card ensures real-time notifications on usage, exchange rates and refunds, while enabling users to locate convenient ATM locations, avail nearby offers and making it one of the most modern cards in the world today.
“The forex card market in India is worth $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,” said Vinay Bagri, Chief Executive Officer (CEO) and Co-founder, NiYO.
“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 percent 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,” said Virender Bisht, Chief Technology Officer and Co-founder, NiYO.