Thomas Cook (India) Ltd., one of India’s leading integrated travel and travel related financial services company has announced a first of its kind partnership with FINO PayTech Ltd, (a banking correspondent that has been granted in-principle payments bank license by the Reserve Bank of India) with an enviable reach across tier I to VI cities, pan India. This is the first time that a leading Foreign Exchange player has tied up with a Payment Bank to provide and facilitate ease in outward remittance transactions; also provide additional foreign exchange products and services to customers in tier I to VI markets.
As per RBI’s report, Indian outward remittances increased by almost 200 per cent (from US$1.32 bn registered in the last financial year ended March 31, 2015 to US$ 3.81 bn for the eleven month period ended February 2016) – led by outflows for studies abroad and for maintenance of close relatives. Hence, Thomas Cook India’s strategic collaboration with FINO PayTech Ltd serves to tap into this significant and rapidly growing opportunity, and simultaneously catalyse growth for the industry.
In addition, Thomas Cook India’s internal research has revealed that a large consumer segment of India’s Tier II + markets follow traditional banking options for outward remittances, whether for study abroad or maintenance of close relatives based overseas, etc. Thomas Cook’s partnership with FINO PayTech hence aims to open up a new and innovative channel of payment transfer to Middle and Rural India; additionally providing this rapidly growing segment access to Thomas Cook’s gamut of Foreign Exchange Products and Services. This unique collaboration also serves to expand Thomas Cook India’s footprint in tier I to VI markets courtesy FINO PayTech’s strong reach of over 400 money marts.
Mahesh Iyer, Chief Operating Officer, Thomas Cook (India) Ltd. said, “At Thomas Cook India, we recognise the multi-fold growth rate of the outward remittance market and our alliance with FINO PayTech is hence a pioneering initiative to leverage the powerful potential emerging from tier II to VI markets. Our collaboration also serves to extend Thomas Cook’s footprint across Middle and rural India while empowering customers with outward remittances to more than 120 countries via innovative money marts.”
Commenting on the association, Rishi Gupta, MD & CEO, FINO PayTech said, “Remittances, both inward and outward, will be a key product offering for FINO as a payments bank. Our tie up with Thomas Cook (India) is therefore a strategic fit as we look to expand our product bouquet. We already have strong presence in the domestic remittance space, which is growing at 50 per cent YoY and offer international remittance cash out services. We are pleased to partner with Thomas Cook (India) as it allows us to offer outward remittance services to our target customer base spread across Tier1 to Tier 6 locations, thereby completing the entire remittance bouquet offerings.”
