Thomas Cook (India) Limited, India’s leading omnichannel forex services company, has launched a pioneering Study Buddy Card in association with Mastercard and Visa, the company on Monday announced through an exchange filling
Foreign Exchange is a noteworthy driver of Company’s business and the overseas education segment having witnessed a strong YoY increase of over 162 percent for FY23, is displaying accelerated growth. This is reiterated in data from the Reserve Bank of India (RBI), which reveals that the education segment with spends of USD 3.43 Billion in FY23, represents approximately 13 percent of total overseas spends from India.
Thomas Cook’s Forex business today serves over 1 million retail customers annually, via its website, FXNOW (m-app and corporate booking tool), call centre, and 100+ Forex stores located across 65 metros, tier 2-4 cities/towns pan India. The business also serves 1000+ corporate clients, 1 million+ active Forex prepaid card users and over 1 Lakh students studying overseas using fees and other remittance services of the Company. Thomas Cook operates 29 counters at leading airports in India, Sri Lanka and Mauritius. The Company’s Forex business has expanded its digital penetration with a unique B2B online platform – on boarding over 2300 Fx MATE partners since its inception during the pandemic.
“Our overseas education segment is power driving our growth story and we have witnessed a strong 162% YoY growth for FY23. We are bullish about this segment and the launch of our Study Buddy Card in collaboration with MasterCard and Visa, signals our strategic intent to expand this business," said Deepesh Varma, Executive Vice President, Foreign Exchange, Thomas Cook (India) Limited.
“Building on our deep partnership, we at Visa are excited to power the Thomas Cook Study Buddy card, a card that simplifies payments for students stepping out into the world. With the Indian overseas education market estimated to hit $100 billion by 2025, the launch couldn’t be better timed. Especially curated for Indian students studying abroad, the Thomas Cook Study Buddy card offers an array of value-added benefits to support students’ needs in education and access to funds in their destination, backed by the security, convenience and trust of the Visa network,” said . Sujai Raina, Head - Business Development, India at Visa.
“We are delighted to partner with Thomas Cook to bring a specially curated solution for students bound for overseas. Travelling abroad with the destination country’s currency has continued to challenge students with high rates on foreign exchange," said Mukul Sukhani, Senior Vice President, Business Development, Mastercard.
Thomas Cook Shares
The shares of Thomas Cook on Monday at 12:42 pm IST were at Rs 75.50, up by 0.73 percent.
