Thomas Cook (India) Limited , a leading omnichannel forex services company, has announced a groundbreaking partnership with Google Pay and Visa, becoming the first in India to offer contactless cross-border payments using prepaid forex cards. This innovative service allows customers to seamlessly add their Thomas Cook forex cards to Google Pay for secure and convenient transactions across 95 countries.

Key Features of the New Service

• Mobile Integration: Customers can now add Thomas Cook forex cards (including Borderless Travel, One Currency, Study Buddy, and EnterpriseFX) to their Google Pay wallet.
• Contactless Payments: The service enables quick and easy contactless payments via mobile devices at retail points of sale and for online transactions.
• Enhanced Security: Leveraging Google Pay's state-of-the-art network tokenization standards, the service provides an extra layer of security for cardholders.
• Global Accessibility: Users can make seamless transactions in 95 countries, covering accommodation, transport, dining, and shopping expenses.
• Convenience: Eliminates the need to carry physical cards, reducing stress related to card loss or theft and the hassle of emergency cash or card replacement.

Market Opportunity and Digital Trends

The partnership targets India's rapidly growing digital payment landscape, particularly among millennials and Gen Z travelers. Recent government data highlights this trend, revealing that UPI processed 16.58 billion transactions worth ₹23.49 lakh crore as of October 2024, marking a 45% increase from the previous year.

Thomas Cook's own digital platforms have already been contributing over 20% to its forex business, underscoring the increasing demand for digital solutions in cross-border transactions.

Industry Perspectives

Deepesh Varma, Executive Vice President - Foreign Exchange at Thomas Cook (India) Limited, commented on the initiative: "Our partnership with Google Pay & Visa is tailor-made for Global Indians - by simply adding their Thomas Cook forex cards to their Google Pay wallet, they can now seamlessly and securely complete contactless, cross-border transactions using their mobile devices across retail tap & pay POS or online."

Rishi Chhabra, Country Manager, India Visa, added: "As overseas travel surges, especially among millennials and Gen Z, there is a growing demand for safe, ultra-fast payment experiences. With this collaboration, Visa reaffirms its commitment to delivering cutting-edge digital payment solutions that offer today's travelers unmatched convenience, security, and peace of mind, right from their smartphones."

About Thomas Cook (India) Limited

Established in 1881, Thomas Cook (India) Limited has evolved into a leading omnichannel travel company, offering a wide range of services including Foreign Exchange, Corporate Travel, MICE, Leisure Travel, Value Added Services, and Visa Services. The company operates prominent B2C and B2B brands and has an extensive network spanning 28 countries across 5 continents.

This strategic partnership with Google Pay and Visa further solidifies Thomas Cook India's position as an innovator in the travel and forex industry, addressing the evolving needs of modern travelers in an increasingly digital world.

Thomas Cook India Ltd's hospitality arm, Sterling Holiday Resorts, has made a significant move in the luxury accommodation sector with the launch of a new boutique hotel in Dehradun. The property, named Sterling GK Exotica, marks the company's strategic expansion into the high-end hospitality market in one of India's popular tourist destinations.

Expansion into Luxury Segment

Sterling, known for its diverse portfolio of holiday resorts, is broadening its horizons with this new venture. The introduction of Sterling GK Exotica represents a calculated step into the luxury boutique hotel segment, potentially opening up new revenue streams for the Thomas Cook subsidiary.

Strategic Location

Dehradun, the capital city of Uttarakhand, is a well-established tourist hub known for its picturesque landscapes and pleasant climate. By choosing this location for its new boutique hotel, Sterling is positioning itself to capture a share of the premium travel market in a destination that attracts both domestic and international tourists.

Implications for Thomas Cook India

This expansion by Sterling could have positive implications for its parent company, Thomas Cook India Ltd. The move into the luxury segment may:

• Diversify the company's hospitality offerings
• Attract a new segment of high-end travelers
• Potentially increase the average revenue per guest
• Strengthen the company's position in the competitive travel and hospitality industry

While specific details about the hotel's facilities, room count, and unique features are not provided in the current news update, the launch of Sterling GK Exotica signals Thomas Cook's commitment to growth and diversification in the hospitality sector.

Investors and industry observers will likely be watching closely to see how this new venture performs and whether it leads to further expansion in the luxury boutique hotel segment for Sterling and Thomas Cook India Ltd.