Travel services provider Thomas Cook India has entered into first of its kind collaboration with FINO Paytech, a recipient of payments bank licence, to facilitate outward remittances transactions to customers in tier II & III markets.
FINO’s enviable reach across Tier 1 to Tier 6 locations offers immense scope for Thomas Cook to offer outward remittance services to a new customer segment.
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FINO’s over 30,000 transaction points, including 400 company owned Money Mart outlets, offer a range of financial products and services to its customers, which includes banking, domestic remittance, credit, online shopping, utility bill payments, mobile and DTH recharges, government payments, and UID related services.
The collaboration will also open up avenues for FINO’s captive audience to Thomas Cook’s gamut of foreign exchange products & services.
FINO PayTech managing director and CEO Rishi Gupta 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% 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."
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By GlobalDataThomas Cook (India) COO Mahesh Iyer said: "At Thomas Cook India, we realise the multi-fold rate at which the outward remittance market is progressing and hence this alliance with FINO PayTech is a pioneering move to leverage potential for outward remittances coming out of the tier II & III markets.
"Our collaboration with Fino aims to scale up our footprint and empower customers in the tier II & III markets with new and innovative money marts for outward remittance to more than 120 countries."
As per a recent report released by the country’s central bank, Indians have remitted more than $4bn until February 2016, up from $1.32bn in the last fiscal year ended March 2015, led by outflows to pay for studies abroad and remittances for maintenance of close relatives in foreign countries.
