Launches pioneering RuPay AED (United Arab Emirates Dirham) Forex Card
Outbound travel from India is witnessing a strong growth, especially to short hauls like UAE: visitors to Dubai from India have grown by 12% YoY (Q1 2024). Thomas Cook’s foreign exchange business reiterates a significant uptick of 2x. This substantial growth reflects an increasing demand for AED by Indian travellers. To leverage this significant and growing opportunity, Thomas Cook (India) Limited, India’s leading omnichannel forex services company has partnered with National Payments Corporation of India (NPCI), to launch its first RuPay prepaid forex card for Indian travellers visiting the UAE; technology being enabled by NPCI Certified Partner, CARD91. Developed by NPCI, RuPay is the first-of-its-kind domestic Card payment network of India
The Thomas Cook and RuPay forex card partnership commences with UAE as its pilot; followed by a global rollout planned via a phased model. Thomas Cook’s RuPay AED card offers extensive usage across the UAE – for transactions and ATM withdrawals.
Key Benefits of the Thomas Cook RuPay Card:
- Thomas Cook travel vouchers worth INR 13,900.00
- Lounge access at International Airports in India*
- Free ATM Withdrawal (in UAE)*
- Free replacement on the loss of a Card
- Complimentary insurance cover up to INR 7,50,000.00
- 50% off on unique photographic experiences at UAE’s top attractions, by Digiphoto Entertainment Imaging (DEI) including Burj Khalifa, Dubai Frame, Dubai Aquarium & Underwater Zoo, The View at The Palm Observatory, LEGOLand Dubai, Atlantis The Palm
- KrisFlyer miles on every Forex purchase
Thomas Cook’s position as India ka Forex Specialist is a result of the Company’s sustained focus on the India’s foreign exchange segment – serving over 1 million active Forex prepaid card users, 1000+ corporates, over 300,000 outbound travellers and 100,000+ students studying overseas. 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: both its card loads and card issuance grew by 1.5x in FY24.
Thomas Cook’s strategic omnichannel model ensures both choice and customer convenience with access to India’s largest Forex network of over 4000 touch points: An extensive retail footprint of owned/ partner outlets and airport counters; its Online Forex Store, Virtual Forex Branch, Contact Centre, m-apps: FX Now (Corporate and Individual),Fx MATE an innovative B2B partner platform and digital tools like Video KYC and TCPay – a digital service that brings speed and efficiency for our remittances business. The Company’s game-changer Ghar pe Forex commitment offers consumers the convenience of doorstep delivery.
Thomas Cook’s cashless portfolio features its multicurrency Borderless prepaid card (12 global currencies), One Currency (USD) prepaid card, its innovative Study Buddy Card focused on the overseas education segment and the eco-friendly EnterpriseFX card targeting business travellers
Deepesh Varma, Executive Vice-President – Foreign Exchange, Thomas Cook (India) Limited said: “We are delighted to be the first and only partner in India with NPCI to launch our RuPay AED prepaid forex card. This innovative Made in India initiative is a first-of-its-kind partnership with an Indian non-banking entity.
UAE is an important global market for our foreign exchange business. What is noteworthy is that our card business has witnessed a significant growth, with an increase in both loads and new prepaid card issuance by approx.1.5x in FY24.
Additionally, the Thomas Cook RuPay prepaid forex card benefits consumers with exclusive advantages like travel vouchers worth INR 13,900.00 and 50% off on memorable digital photography at key attractions across UAE.”
Kunal Kalawatia, Chief of Products, National Payments Corporation of India (NPCI) said: “As outbound travel from India to destinations like UAE is on the rise, the introduction of RuPay Forex Card in collaboration with Thomas Cook India is a progressive step towards providing convenience and innovation in forex services. This initiative aligns with our commitment to enable unparalleled end-to-end forex solutions and reaffirms our dedication to meeting the evolving needs of Indian travellers.”
Ajay Pandey, CEO & Co-Founder, CARD91 said: “We are thrilled to collaborate with NPCI and Thomas Cook (India) on this ‘Make in India’ offering—the RuPay Forex Card. This partnership leverages our robust and modern issuance infrastructure. At CARD91, we take immense pride in our ‘Made in India’ products and remain committed to driving continuous innovation within the Indian payment ecosystem.”