Thomas Cook Partners with NPCI for RuPay Forex Card in UAE

On July 30, 2024, Thomas Cook (India) Limited, a leading provider of foreign exchange services, teamed up with the National Payments Corporation of India (NPCI) to introduce its first RuPay prepaid forex card for Indian travellers heading to the UAE.

The card, powered by NPCI’s technology partner CARD91, is part of RuPay, India’s domestic card payment network. This partnership starts with the UAE and will expand globally in stages. The Thomas Cook RuPay AED card can be used widely in the UAE for transactions and ATM withdrawals.

Key Benefits of the Thomas Cook RuPay Card

With the Thomas Cook RuPay card, travellers enjoy several perks. They receive travel vouchers worth ₹13,900 and have access to lounges at international airports in India. Cardholders can withdraw cash for free from ATMs in the UAE and get a free replacement if the card is lost. The card also includes complimentary insurance coverage up to ₹7,50,000. Users get a 50% discount on unique photo experiences at popular UAE attractions, such as the Burj Khalifa and Dubai Aquarium, through Digiphoto Entertainment Imaging (DEI). Plus, they earn KrisFlyer miles with every foreign exchange purchase.

Thomas Cook’s Market Position and Growth

Thomas Cook has established itself as India’s top forex specialist by focusing on the foreign exchange market. It serves over 1 million active prepaid card users, over 1,000 corporates, over 300,000 outbound travellers, and over 100,000 students studying abroad. As India’s largest non-bank forex services provider and prepaid card issuer, Thomas Cook has seen impressive growth in its card business, with both card loads and issuance increasing by 1.5 times in FY24.

Omnichannel Approach and Service Offerings

The company’s omnichannel approach offers convenience and choice, with access to India’s largest forex network of over 4,000 locations. This includes a wide network of retail outlets, airport counters, an Online Forex Store, a Virtual Forex Branch, a Contact Centre, and mobile apps like FX Now and Fx MATE. Thomas Cook also uses digital tools like Video KYC and TCPay for faster remittances and offers doorstep delivery through its Ghar pe Forex service.

Thomas Cook’s Cashless Card Options

Thomas Cook’s range of cashless options includes the multicurrency Borderless prepaid card (for 12 global currencies), the One Currency (USD) prepaid card, the Study Buddy Card for students, and the eco-friendly EnterpriseFX card for business travellers.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.