NiYO Solutions Inc., a new-age digital banking solution for salaried employees, announced the launch of the Global Card, aimed at making international transactions safer and inexpensive.
International travellers are always burdened with the high currency exchange rate charged by issuing banks for all transactions made outside the country. This rate can vary 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. In fact, travellers face a variety of issues with current multi-currency cards, starting from the difficulty in issuance, having to go to a branch to load/unload currency, challenges in tracking spending, etc.
The NiYO Global Card offers instant setup, convenient loading from any account via NEFT/IMPS, ZERO currency exchange premium, and zero international transaction fees on usage anywhere in the world. This makes present day multi-currency cards and traveller’s cheques redundant.
The card is supported by a cutting edge mobile banking app which gives users ability to lock and unlock either the full card or a payment channel anytime, anywhere. The app also provides real-time notifications on usage, exchange rates, and refunds, while helping users find convenient ATM locations, avail nearby offers, and much more.
If you are a business traveller, you can submit claims on-the-go by adding bills for each transaction right in the app. These claims can be instantaneously approved by your organization via the NiYO Corporate Portal.
The NiYO Global Card is being launched in partnership with the DCB Bank and can be used at ATMs, POS terminals, and for online transactions in any country.
Features of the NiYO Global Card:
- Can be used at over 2 million VISA/MasterCard ATMs and over 35 million merchant outlets across the world
- Load the card and check account balance in INR, no need to add international currency
- For security, the card can be blocked using the NiYO mobile app and can be locked through the app when not in use
- No minimum balance or low balance fines
- Real time notification alerts of transactions
- Users can reload the card instantly with ease from any bank account via NEFT/IMPS
- Additional offers and benefits available at select outlets across the world
- Features such as ATM locator and travel insurance included with the card
The United Nations World Tourism Organization (UNWTO) has estimated that by 2020, India will account for 50 million outbound tourists. With 65 million Indian passport holders and the ease of access in obtaining visa-on-arrival in more than 50 countries, it is no surprise that global spending by Indians is on the rise. According to the regulations by the Reserve Bank of India, Indian travellers are allowed to spend up to $250,000 outside the country in a year, in areas such as investments, education, medical expenses, property transactions, gifts, and donations.
By January 2018, Indian travellers had spent $1.2 billion abroad within 10 months. This has created immense opportunity for travel-friendly cards, and NiYO aims to be the market leader in this space. NiYO plans to issue 5 millions cards in next 2 years.
Vinay Bagri, CEO and Co-founder, NiYO said “I have seen people struggle with present day foreign currency solutions during travel and decided to make one of the best travelcard solutions in the world. With the “NiYO Global Card and App” we have achieved that. Our Mobile app, with path-breaking features like card control, channel control, and real-time notifications, and a card with zero markup and global acceptance, means that whether you are traveling for business or personal use, NiYO Global Card is the only card you need.“