Thomas Cook India has announced a collaboration with the National Payments Corporation of India (NPCI) to introduce its first RuPay prepaid forex card specifically designed for Indian travelers visiting the UAE. This partnership marks a significant milestone as the UAE serves as a pilot market, with plans for a phased global rollout.
Travelers can now utilize Thomas Cook's RuPay AED (United Arab Emirates Dirham) card for extensive transactions and ATM withdrawals across the UAE. Thomas Cook India asserts that it is the pioneering company to partner with NPCI for launching the RuPay AED prepaid forex card.
Deepesh Varma, Executive Vice-President of Foreign Exchange at Thomas Cook (India), highlighted the uniqueness of this Made-in-India initiative, stating, "This innovative Made-in-India initiative is a first-of-its-kind partnership with an Indian non-banking entity."
The UAE holds strategic importance for Thomas Cook India's foreign exchange business, evidenced by the significant growth in the company's card business, with recharges and new prepaid card issuances increasing by approximately 1.5 times in FY24.
Kunal Kalawatia, Chief of Products at NPCI, emphasized the growing outbound travel from India to destinations like the UAE and the need for convenient and innovative forex services. "The introduction of the RuPay forex card in collaboration with Thomas Cook India is a progressive step towards providing convenience and innovation in forex services," he said.
