India-based digital banking solutions company NiYO has introduced a new travel card.
The new card will allow frequent international travellers to do away with the usual multi-currency forex cards and travellers’ cheques.
It is claimed that NiYO Global Travel Card is the first-ever global travel card with zero forex mark-up.
The newly launched card will also allow travellers to make purchases without the need for currency exchange premium and international transaction fees.
It will be accepted by 35 million merchants across more than 150 countries.
In addition, the card will facilitate instant digital onboarding and loading from bank account. It is backed by a mobile app to lock/unlock the card or only a payment channel.
The app also delivers real-time alerts on usage, exchange rates and refunds. Furthermore, customer can access information on ATM locations and nearby offers.
NiYO co-founder Virender Bisht said: “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. The charges 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. 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.”
According to the company’s CEO Vinay Bagri, the country’s forex card market is valued at $17bn.
Nearly 20 million people are estimated to travel abroad this year, and this is expected to increase to 50 million by 2020. The new NiYO Global Travel Card is expected to cater to this emerging market.