Niyo Global - A traveller's banking companion
Niyo Global - A traveller's banking companion
Niyo Global - A traveller's banking companion
Niyo Global - A traveller's banking companion
Niyo Global - A traveller's banking companion
Niyo Global - A traveller's banking companion
Acquisition Strategy
Product Pitch
Have you ever travelled abroad? If yes, how do you pay for everything there?
You carry cash?
You pay using your credit card or debit card?
You use one of those ‘Forex’ cards?
How much commission do you pay in the name of forex markup?
Imagine you have an Indian bank debit card which works everywhere. I mean ‘Everywhere’. That too with zero forex markup. Imagine depositing money in your bank account and spending it as USD, Euro, Dinar etc. on spot exchange rates from Visa.
No Forex Markup | No need to convert money before spending | No extra charges | Free Airport Lounge Access | Instant loading of money | Manage your personal wealth (MF, EPF, FD) in the same app
Presenting ‘Niyo Global’
Who is the target audience?
Based on user calls, I have identified 3 major user personas or ICPs: Students, Leisure Traveller, Frequent Traveller.
ICP 1: Students who travel abroad to study
ICP 2: Leisure traveller (Travels twice a year to other countries)
ICP 3: Frequent traveller (Travels at least 6 times a year to other countries)
How big is the market?
Only users who hold a valid Indian Passports will be eligible for travel. So that is our Upper Ceiling.
Number of Indians with passport = 15 Crores (As per MEA data)
Number of Passports issued per year = 1.1 Cr (including the ones issues abroad)
So Upper Ceiling = 15 Cr with 1.1 Cr added every year.
Total Addressable Market
We can do this calculation in two parts: Students + Travellers
Students:
Total # of students going abroad = 5.8 lac per year. (With 13.25 Lac already staying abroad)
Cost of living per student = 800 to 1000 USD per month (excluding education fee)
Cost of travelling = 200 USD
Total cost per student per month = 1200 USD
Total cost per student per year = 14,400 USD
Student TAM = Total cost per student per year x Total # of students going abroad
Student TAM = 8.35 Billion USD
Assuming income rate of 1% on international transactions, that gives us 83 Million USD per year from students.
Travellers:
Total # of Indians going abroad = 26 Million (as per MEA data)
25% of these travellers go abroad for Tourism and short term work.
So, total # of short-term travellers = 6.5 Million
Average spend of Indians per trip = 1500 USD
Average # of trips per year = 3
Total Spends per traveller = 4500 USD per year
Travellers TAM = Total spends per traveller per year x Total # of travellers
Travellers TAM = 29.25 Billion USD
Assuming income rate of 1% on international transactions, that gives us 293 Million USD per year from travellers.
Total Spends by Students + Travellers = 37.6 Billion USD
Total Income from Students + Travellers = 376 Million USD
Since Niyo Global is a digital only account and can be opened by all Indians with a valid passport, the Serviceable Addressable Market remains the same.
How do we acquire these users?
🌏 Organic Acquisition
🔍 Search Intent: Organic Search on Google
🧑🤝🧑Acquisition through Referrals
Niyo Global doesn’t have a referral program yet. Lets try and build a kick-ass referral program.
Brag-worthy moments:
Listing down all the brag worthy moments for a user in Niyo Global app:
Load Money: Load INR instantly. Usually in Forex cards, the load time TAT ranges from 1-2 working days. In Niyo Global, user can load money instantly.
Get Lounge Access: When user goes to an airport lounge in India and successfully checks-in using Niyo Global card
First International Transaction: When user pays for a first international transaction using his/her Niyo Global card
Activate Card: When user receives Niyo Global card in a cool packaging and activates the card in the app with just one click.
Locate ATM using Niyo Global app: When user uses ATM locator and arrives at an ATM
Currency Converter: When user uses currency converter in the app for the first time (which has real on-spot VISA exchange rates)
Mutual Funds/EPF Tracking: When user sets up a Mutual Fund SIP or invests in Mutual Fund lumpsum or Imports his/her external Mutual Fund portfolio or when user tracks EPF balance in Niyo Global app
Platform currency:
For Niyo Global, there can be 3 platform currencies listed below (In the order of importance)
Money (in the form of cashbacks)
Voucher discounts for travel/airline tickets/hotel bookings
More accesses to lounge access (Currently it is limited to 1 per user per quarter)
Referral Program | Structure
Happy flows & where referral fits into them:
Notification to user when they first load money in Niyo Global
Notification to user when they first transact internationally using Niyo Global card
Notification to user when they first access airport lounge through Niyo Global card
Clicking on all these notifications will take the user to Referral Dashboard
When user sets up MF SIP, Invests in Lumpsum, Tracks EPF, Imports his MF portfolio
When user receives the card and activates the same.
When user uses currency converter for first time.
Referral Dashboard
Referral Message
Referrers can share the code via Whatsapp and SMS as it is a mobile platform.
📺Acquisition through Paid Ads
Customer Acquisition Cost (CAC) = Rs. 1500 (~18.75 USD)
Average spends per trip (AOV) = 1500 USD
Margin = 1%
Frequency = 3 times per year
Retention = 3 years
Lifetime value (LTV) = Average spends per trip x Margin x Frequency of trips per year x Retention (in years)
LTV = 135 USD
CAC : LTV ratio = 0.13
Channel Selection:
Google Search - Most of Niyo Global users start their journeys towards finding a good forex card by searching on Google. Hence we should be investing in Google will result in higher inbound traffic and higher conversions.
Referral - Referral/WOM is the 2nd most channel for Niyo Global. Due to unique nature of the product, Niyo Global enjoys a strong word of mouth. Coupling referral into the mix would add a strong incentive for user to refer, thereby increasing the WOM significantly.
Instagram/Youtube Ads & Influencers - As per our user calling, most of Niyo Global’s target segment users are engaged in social media platforms like Youtube/Instagram. Hence, these also should be our focus for ad campaigns.
Audience selection & creative strategy
We should be targeting 2 major segment of users.
Mock Ads:
🎄Product Integrations
Lets take a user journey when the user is travelling:
I might have missed some points but these are the major things that happens during user journey while travelling. I have marked green where we can integrate our product and add value to the end user.
When the user is booking flights/hotels:
Let’s take Cleartrip as the example partner platform. Whenever user is trying to book international flights and hotels, there is an additional markup fee (forex) charged on other cards. But on Niyo Global, the same is not applicable, because of which the user can save 100s of rupees.
Adding Niyo Global in Payment Screen: (If user doesn’t have a Niyo Global account, we can provide a link to download the app)
🔁Content Loop
Our ICPs are primarily active on Insta/Youtube/Trip Advisor. So in order to engage with them, Niyo Global should focus on the following channels for creating content loop.
We can create/augment the buying intent of the users through Content Loop strategy. Following will be the main channels through which we can create the content loop.
Niyo Community
Niyo Global community page can be a content-first platform with users sharing their travel stories, places to visit, how to manage expenses there etc.
Once it goes past a certain scale, users will come to Niyo Global community page to look for travel ideas or to know about places to visit. Once they come to know about the ease/convenience/cost savings of using a Niyo Global card, a strong buying intent will be created.
Instagram Reels, Youtube Travel Vlogs/Shorts
Influencers/Celebrities can be roped in to create travel vlogs and how Niyo Global was integral part of their travel. Influencers can also nudge audiences to share their travel stories in YT shorts.
Quora/Reddit/Trip Advisor
Users share their positive Niyo Global stories and how much they saved in their latest trip. Users looking for travel ideas can see them and thus a loop can be created.
Content Ideas
How to save money while travelling abroad?
Which is the best forex card in India?
What is forex markup fee and why is it charged?
How to get free airport lounge access in India?
How to use Indian debit card abroad?
How safe is using our debit cards abroad?
What if I lost my debit card while travelling abroad?
Product Pitch
Have you ever travelled abroad? If yes, how do you pay for everything there?
You carry cash?
You pay using your credit card or debit card?
You use one of those ‘Forex’ cards?
How much commission do you pay in the name of forex markup?
Imagine you have an Indian bank debit card which works everywhere. I mean ‘Everywhere’. That too with zero forex markup. Imagine depositing money in your bank account and spending it as USD, Euro, Dinar etc. on spot exchange rates from Visa.
No Forex Markup | No need to convert money before spending | No extra charges | Free Airport Lounge Access | Instant loading of money | Manage your personal wealth (MF, EPF, FD) in the same app
Presenting ‘Niyo Global’
Who is the target audience?
Based on user calls, I have identified 3 major user personas or ICPs: Students, Leisure Traveller, Frequent Traveller.
ICP 1: Students who travel abroad to study
ICP 2: Leisure traveller (Travels twice a year to other countries)
ICP 3: Frequent traveller (Travels at least 6 times a year to other countries)
How big is the market?
Only users who hold a valid Indian Passports will be eligible for travel. So that is our Upper Ceiling.
Number of Indians with passport = 15 Crores (As per MEA data)
Number of Passports issued per year = 1.1 Cr (including the ones issues abroad)
So Upper Ceiling = 15 Cr with 1.1 Cr added every year.
Total Addressable Market
We can do this calculation in two parts: Students + Travellers
Students:
Total # of students going abroad = 5.8 lac per year. (With 13.25 Lac already staying abroad)
Cost of living per student = 800 to 1000 USD per month (excluding education fee)
Cost of travelling = 200 USD
Total cost per student per month = 1200 USD
Total cost per student per year = 14,400 USD
Student TAM = Total cost per student per year x Total # of students going abroad
Student TAM = 8.35 Billion USD
Assuming income rate of 1% on international transactions, that gives us 83 Million USD per year from students.
Travellers:
Total # of Indians going abroad = 26 Million (as per MEA data)
25% of these travellers go abroad for Tourism and short term work.
So, total # of short-term travellers = 6.5 Million
Average spend of Indians per trip = 1500 USD
Average # of trips per year = 3
Total Spends per traveller = 4500 USD per year
Travellers TAM = Total spends per traveller per year x Total # of travellers
Travellers TAM = 29.25 Billion USD
Assuming income rate of 1% on international transactions, that gives us 293 Million USD per year from travellers.
Total Spends by Students + Travellers = 37.6 Billion USD
Total Income from Students + Travellers = 376 Million USD
Since Niyo Global is a digital only account and can be opened by all Indians with a valid passport, the Serviceable Addressable Market remains the same.
How do we acquire these users?
🌏 Organic Acquisition
🔍 Search Intent: Organic Search on Google
🧑🤝🧑Acquisition through Referrals
Niyo Global doesn’t have a referral program yet. Lets try and build a kick-ass referral program.
Brag-worthy moments:
Listing down all the brag worthy moments for a user in Niyo Global app:
Load Money: Load INR instantly. Usually in Forex cards, the load time TAT ranges from 1-2 working days. In Niyo Global, user can load money instantly.
Get Lounge Access: When user goes to an airport lounge in India and successfully checks-in using Niyo Global card
First International Transaction: When user pays for a first international transaction using his/her Niyo Global card
Activate Card: When user receives Niyo Global card in a cool packaging and activates the card in the app with just one click.
Locate ATM using Niyo Global app: When user uses ATM locator and arrives at an ATM
Currency Converter: When user uses currency converter in the app for the first time (which has real on-spot VISA exchange rates)
Mutual Funds/EPF Tracking: When user sets up a Mutual Fund SIP or invests in Mutual Fund lumpsum or Imports his/her external Mutual Fund portfolio or when user tracks EPF balance in Niyo Global app
Platform currency:
For Niyo Global, there can be 3 platform currencies listed below (In the order of importance)
Money (in the form of cashbacks)
Voucher discounts for travel/airline tickets/hotel bookings
More accesses to lounge access (Currently it is limited to 1 per user per quarter)
Referral Program | Structure
Happy flows & where referral fits into them:
Notification to user when they first load money in Niyo Global
Notification to user when they first transact internationally using Niyo Global card
Notification to user when they first access airport lounge through Niyo Global card
Clicking on all these notifications will take the user to Referral Dashboard
When user sets up MF SIP, Invests in Lumpsum, Tracks EPF, Imports his MF portfolio
When user receives the card and activates the same.
When user uses currency converter for first time.
Referral Dashboard
Referral Message
Referrers can share the code via Whatsapp and SMS as it is a mobile platform.
📺Acquisition through Paid Ads
Customer Acquisition Cost (CAC) = Rs. 1500 (~18.75 USD)
Average spends per trip (AOV) = 1500 USD
Margin = 1%
Frequency = 3 times per year
Retention = 3 years
Lifetime value (LTV) = Average spends per trip x Margin x Frequency of trips per year x Retention (in years)
LTV = 135 USD
CAC : LTV ratio = 0.13
Channel Selection:
Google Search - Most of Niyo Global users start their journeys towards finding a good forex card by searching on Google. Hence we should be investing in Google will result in higher inbound traffic and higher conversions.
Referral - Referral/WOM is the 2nd most channel for Niyo Global. Due to unique nature of the product, Niyo Global enjoys a strong word of mouth. Coupling referral into the mix would add a strong incentive for user to refer, thereby increasing the WOM significantly.
Instagram/Youtube Ads & Influencers - As per our user calling, most of Niyo Global’s target segment users are engaged in social media platforms like Youtube/Instagram. Hence, these also should be our focus for ad campaigns.
Audience selection & creative strategy
We should be targeting 2 major segment of users.
Mock Ads:
🎄Product Integrations
Lets take a user journey when the user is travelling:
I might have missed some points but these are the major things that happens during user journey while travelling. I have marked green where we can integrate our product and add value to the end user.
When the user is booking flights/hotels:
Let’s take Cleartrip as the example partner platform. Whenever user is trying to book international flights and hotels, there is an additional markup fee (forex) charged on other cards. But on Niyo Global, the same is not applicable, because of which the user can save 100s of rupees.
Adding Niyo Global in Payment Screen: (If user doesn’t have a Niyo Global account, we can provide a link to download the app)
🔁Content Loop
Our ICPs are primarily active on Insta/Youtube/Trip Advisor. So in order to engage with them, Niyo Global should focus on the following channels for creating content loop.
We can create/augment the buying intent of the users through Content Loop strategy. Following will be the main channels through which we can create the content loop.
Niyo Community
Niyo Global community page can be a content-first platform with users sharing their travel stories, places to visit, how to manage expenses there etc.
Once it goes past a certain scale, users will come to Niyo Global community page to look for travel ideas or to know about places to visit. Once they come to know about the ease/convenience/cost savings of using a Niyo Global card, a strong buying intent will be created.
Instagram Reels, Youtube Travel Vlogs/Shorts
Influencers/Celebrities can be roped in to create travel vlogs and how Niyo Global was integral part of their travel. Influencers can also nudge audiences to share their travel stories in YT shorts.
Quora/Reddit/Trip Advisor
Users share their positive Niyo Global stories and how much they saved in their latest trip. Users looking for travel ideas can see them and thus a loop can be created.
Content Ideas
How to save money while travelling abroad?
Which is the best forex card in India?
What is forex markup fee and why is it charged?
How to get free airport lounge access in India?
How to use Indian debit card abroad?
How safe is using our debit cards abroad?
What if I lost my debit card while travelling abroad?