Over 50% Indians now use cards on International Travels
Indian globetrotters spend most on duty-free shopping, electronics and jewellery
26th September 2019
According to NiYo reports, over 50% of Indian are using credit, debit or prepaid card for their primary payment on foreign trips.
USA, Canada and Europe accounts have a highest digital transaction. The US dollar, Euro, UAE Dirham, Pound and Singapore Dollar are the top 5 international currencies contributing to 61% of all spend by Indians.
These were some of the interesting findings of a survey on ‘Cross-border Travel Insights for India’ conducted by neo-banking enterprise NiYO in the run-up to World Tourism Day on September 27. The report is based on insights from 25,000 respondents who used the NiYO global card on their foreign trips in the last one year. These majorly include business, leisure and student travellers belonging to Delhi, Mumbai, Bangalore, Chennai, Kolkata, Pune and Hyderabad.
Indian globetrotters are also not afraid to explore far-off destinations across Europe, the Americas and other continents. At least 1 in 5 will visit multiple countries on a single trip, with countries in Europe and South-East Asia being the preferred destinations. Within Europe, France, Switzerland, Spain, Denmark and the UK are the top destinations. The survey also revealed that Indian outbound tourists spent maximum on shopping — duty-free goods, electronics and jewellery.
NiYO Co-founder and CEO Vinay Bagri said, “With increasing disposable income, expenditures by Indian foreign travellers are expected to grow up to $136 billion (Rs 9.5 lakh crore) by 2021. Online bookings are likely to grow by $24 billion during the same period. This will create immense business opportunity for digital banking players such as NiYO, which is making international spends safer and more convenient for outbound Indian tourists.”
The average spend per trip is also higher among frequent flyers, indicating a significant growth in the business travel segment and higher socio-economic profile.