Thomas Cook India partners with NPCI for RuPay Forex Card; pilot kicks off with UAE
The company's prepaid card issuance is up by 228 percent YoY (FY23). RuPay Forex Card pilot starts with UAE as visitors to Dubai from India have surpassed pre-pandemic levels.
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Outbound travel from India is witnessing unprecedented growth, more so to short hauls like UAE: visitors to Dubai from India have surpassed pre pandemic levels (2019) with a 23 percent growth for Jan-Jun 2023. Thomas Cook’s foreign exchange business reiterates a significant uptick with its internal data reflecting a surge of over 2x (2022 vs. 2019) and an expectation of 3x growth by the end of the year.
What is noteworthy is that the company is seeing a strong increase in per person spends for UAE - of over 30 percent in 2022 vs. pre pandemic. To seize this significant and growing opportunity, Thomas Cook (India) Limited, the omnichannel forex services company has partnered with NPCI (National Payments Corporation of India) to launch a RuPay prepaid forex card for Indians travelling to the UAE. The technology is enabled by NPCI Certified Partner, CARD91.
The Thomas Cook – RuPay partnership operates on NPCI’s global card payment network of India. This initiative aligned with the Country’s Made in India focus, offers international payment solutions for Indians travelling overseas.
Given the growth potential of the destination, the Thomas Cook and RuPay forex card partnership commences with UAE as its pilot; with a global rollout planned via a phased model. For phase one, Thomas Cook’s RuPay card will be loaded in AED (UAE Dirhams) offering extensive usage across the UAE - for transactions and ATM withdrawals.
Other key benefits of the Thomas Cook RuPay Card include travel vouchers worth INR 13,900, lounge access at International Airports in India, free ATM Withdrawal (in UAE), free replacement on loss of card and complimentary insurance cover up to INR 7,50,000, including other benefits.
Mahesh Iyer, Managing Director and Chief Executive Officer, Thomas Cook (India) Limited said, “We are bullish about our forex card business and I am delighted to partner with NPCI for the upcoming launch of our pioneering RuPay prepaid forex card. This unique Made in India initiative will go-live with UAE as the pilot destination, followed by a phase wise global rollout."
Thomas Cook is the largest non-bank foreign exchange services provider and prepaid card issuer in India. The company’s card business is witnessing an impressive uptick: its card loads grew by 172 percent YoY, with new prepaid card issuance up by 228 percent YoY (FY23).
