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*Launches TCPay for smooth and seamless transactions

*TCPay Benefits: Ease and convenience of paperless, 24×7 remittances; user-friendly digital interface


MUMBAI, 10 MAY 2024:

With industry data reflecting a robust 25% year-on-year growth for the last 2 years, India’s outbound remittances market represents a significant opportunity. Data from Thomas Cook (India) Limited – India’s leading omnichannel forex services company, also reiterates the strong growth momentum in its outbound remittances business. Hence, with a focussed intent to maximise on this potential, Thomas Cook (India) Limited, has announced the launch of TCPay, a new digital service that brings ease and efficiency to international money transfers.

Traditionally, sending money abroad was considered an arduous process, that involved visits to branches, cumbersome paperwork and limited operating hours. Recognising the challenges, Thomas Cook has introduced TCPay that offers multiple benefits to transform the way individuals transfer funds. The simple digital platform coupled with Thomas Cook’s recently launched Video KYC process, empowers customers with paperless transfers from the comfort and convenience of their home.

The TCPay Advantage:

  • Convenience of 24X7 access
  • Paperless transfers
  • Simple & Seamless digital interface, across Thomas Cook’s Digital Tools: FXNOW (B2C app), Portal;

Call Center for assistance

  • Video KYC – seamless digital process for convenient, safe and quick transactions

To promote the launch, the company has conceptualised an engaging video that highlights the convenience and ease-of-use of TCPay.

Deepesh Varma, Executive Vice President, Thomas Cook (India) Limited, said, “Our data indicates a significant growth in our outward transfers business. Hence reinforcing the Company’s digital-first approach and our intent to maximise our market share in this high potential segment, we have introduced our latest digital solution – TCPay.

The TCPay commitment will ensure smooth and seamless outward remittances for individuals and businesses, as well as facilitate digitization of the remittance process combined our additional digital services like Video KYC verification option. This launch is not merely a service, but a testament to the Thomas Cook India Group’s unwavering focus on creating digital-first innovation and customer-centricity.”

About Thomas Cook Foreign Exchange – India ka Forex Specialist (#IKFS): The business’ omnichannel model today serves over 1 million retail customers annually, via its website, FXNOW (m-app and corporate booking tool), call centre, and 130 Forex stores located across 69 metros, tier 2-4 cities/towns pan India. Thomas Cook Forex 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 FxMATE partners since its inception during the pandemic.

The Company’s Ghar pe Forex commitment of doorstep delivery in 2 hours, serves as a strong reassurance with a smooth, swift and effortless closure.

The Foreign Exchange range of end-to-end product-services, include: Cash across global currencies, Thomas Cook’s Borderless Prepaid Card (in partnership with Mastercard and Visa offering a wallet of 10 currencies), overseas remittances, drafts, wires and Study Buddy card for the overseas education segment, and EnterpriseFX – India’s first eco-friendly prepaid forex corporate card.

About Thomas Cook (India) Limited: Set up in 1881, Thomas Cook (India) Limited (TCIL) is the leading omnichannel travel company in the country offering a broad spectrum of services including Foreign Exchange, Corporate Travel, MICE, Leisure Travel, Value Added Services and Visa Services. It operates leading B2C and B2B brands including Thomas Cook, SOTC, TCI, SITA, Asian Trails, Allied TPro, Australian Tours Management, Desert Adventures, Travel Circle International Limited (TCI 勝景), Sterling Holiday Resorts Limited, Distant Frontiers, TC Tours, Digiphoto Entertainment Imaging (DEI), Go Vacation, Private Safaris East & South Africa.

As one of the largest travel service provider networks headquartered in the Asia-Pacific region, The Thomas Cook India Group spans 28 countries across 5 continents.

TCIL has been felicitated with the award for MICE Tour Operator of the Year – Outbound at SATTE 2024, Best Tour Operator at India Travel Awards North 2023, MICE Travel Operator of the Year at the Economic Times Travel & Tourism Awards 2023, winner of the Corporate Citizen Award (Travel Tourism & Hospitality) at the Corporate Citizen Conclave & Award 2023, The Outbound Tour Operator of the Year 2022 & 2019 at the SATTE Awards, IAMAI India Digital Awards 2022, CNBC-TV18 & ICICI Lombard India Risk Management Award – Travel & Leisure Category 2022 & 2021, CIO100 Award for digital innovation 2022, ‘Innovation in Omni-experience’ Award at International Data Corporation’s (IDC) Industry Innovation Awards 2021, The Best Travel Agency – India at TTG Travel Awards 2019, The Best Outbound Tour Operator at the Times Travel Awards 2019 & 2018, Silver award for Asia’s Best Integrated Report (First Time) category at the Asia Sustainability Reporting Awards 2019-2021, Best Risk Management-Framework & Systems at the India Risk Management Awards 2019; The French Ambassador’s Award for Exemplary Achievements in Visa Issuance 5 years in a row and the Condé Nast Traveller – Readers’ Travel Awards from 2011 to 2019.

CRISIL has reaffirmed the rating on debt programs and bank facilities of TCIL – ‘CRISIL AA- / Stable’ on the long- term bank facilities of TCIL and ‘CRISIL A1+’ rating on the short-term bank facilities and short- term debt of the company.

Fairbridge Capital (Mauritius) Limited, a subsidiary of Fairfax Financial Holdings Limited, is the promoter of TCIL with a shareholding of 63.83% of its paid-up capital.

About Fairfax Financial Holdings Limited: Fairfax Financial Holdings Limited is a holding company which, through its subsidiaries, is primarily engaged in property and casualty insurance and reinsurance and the associated investment management. Founded in 1985 by the present Chairman and Chief Executive Officer, Mr. V. Prem Watsa, the company is headquartered in Toronto, Canada. Its common shares are listed on the Toronto Stock Exchange under the symbol FFH and in U.S. dollars under the symbol FFH.U.

About Subsidiaries of Thomas Cook (India) Limited (TCIL):

Sterling Holiday Resorts Limited:

Sterling Holiday Resorts Limited, a wholly owned subsidiary of TCIL is a leading leisure hospitality company with 40+ resorts, hotels and retreats across hills, beaches, jungles, waterfront, adventure, heritage, pilgrimage and drive-to locations. Sterling provides a variety of offerings: Leisure holidays through FIT packages, Meetings & Conferences, Weddings, Reunions, Picnics and Holidays through Memberships.

SOTC Travel Limited:

SOTC Travel Limited is a step-down subsidiary of Fairfax Financial Holdings held through its Indian listed subsidiary, Thomas Cook (India) Limited (TCIL). SOTC Travel is a leading omnichannel travel and tourism company active across various travel segments including Leisure Travel, Incentive Travel and Business Travel.

Established in 1949, SOTC is an Indian-grown brand with a legacy of 75 years. Since then, it has escorted millions of travellers across the globe to various destinations around the globe. The Company firmly believes that today, ‘No one understands the Indian Traveller better than SOTC’.

Travel Corporation (India) Limited:

Travel Corporation (India) Limited (TCI) (operating brands Sita, TCI and Distant Frontiers), a wholly owned subsidiary of TCIL, is the leading Destination Management Company in India that offers tailor-made travel and related services to India, Nepal, Bhutan and Sri Lanka.

DEI Holdings Limited:

Thomas Cook India Group holds 51% stake in DEI Holdings Limited (DEI), one of the world’s leading imaging solutions and services providers.



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