Niyo outpaces market growth, reports 30% surge in zero-forex card adoption among Indian students studying abroad
As Indian students continue to fuel global education aspirations, Niyo, India’s leading travel banking platform, has reported a 30% year-on-year growth in the adoption of its zero-forex markup cards among study-abroad aspirants, significantly outpacing the 17.67% growth rate in the Indian study-abroad segment. According to Ministry of External Affairs (MEA) data, 1.8 million Indian students are pursuing higher education abroad in 2025, up from 1.3 million in 2023. This means Niyo is growing nearly 1.7 times faster than the overall study-abroad segment – a clear indication of growing trust in its student-centric financial solutions.
The student cohort now makes up 25% of Niyo’s total customer base, up from 20% in 2024. This steady increase indicates the platform’s growing significance within the education-focused travel banking ecosystem. A key contributor to this growth is Niyo’s strong presence in Tier-II and Tier-III cities, which now contribute 25% of all new card applications – a sign of rising student mobility and financial awareness beyond metros.
Student usage patterns are also evolving. Increasingly, students are opting to use Niyo’s zero-forex markup card well before departure for payments related to college/university application fees, admission deposits, SEVIS/IHS charges, visa fees, accommodation bookings, and more. On average, each student transacts approximately USD 5,000 prior to travelling abroad, highlighting the card’s critical role in the pre-departure financial journey.
Beyond the prominent metro cities like Mumbai, Delhi, Bengaluru, Hyderabad, Chennai, Pune, etc., in the last one year, Niyo saw an uptick in demand from students in Jalandhar, Jaipur, Ahmedabad, Surat, Ernakulam, Guntur, and more.
Vinay Bagri, Co-founder and CEO, Niyo, said, “We have always believed that international education requires international banking preparedness. Today’s students are financially astute and proactive – they seek seamless, global-ready financial solutions even before their journey begins. From our zero-forex card and instant remittance tools to 24-hour card delivery and 15+ in-app services, Niyo is helping make global ambitions financially viable for Indian families.”
To further support this evolving behaviour, Niyo recently launched a zero-fee international money transfer service, allowing families to remit tuition fees, blocked accounts (averaging Rs.12 lakh), rent, and living expenses – all without Forex, SWIFT or platform charges. This enables savings of up to Rs.25,000 per Rs.10 lakh transfer, offering meaningful value in a traditionally high-cost remittance space.
Currently, 60% of Niyo’s student cardholders are headed to traditional destinations such as the USA, UK, Canada, Germany, and Australia. However, there is also a noticeable rise in adoption across emerging destinations, including Ireland, Georgia, Uzbekistan, Kazakhstan, and Italy – particularly among MBBS aspirants and students pursuing alternative education pathways across Europe.
With its student-first approach, expanding product suite, and growing adoption across India, Niyo is well-positioned to become the default travel banking choice for Indian students. The company aims to capture a 50% market share in the student travel banking space within the next two years.
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