In-principle payments bank licensee FINO PayTech Ltd has partnered with with Thomas Cook (India) Ltd., a leading integrated travel and travel related financial services company. This is the first time that a leading Foreign Exchange player has tied up with a Payments Bank to facilitate smooth outward remittances transactions, especially 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. FINO’s over 30,000 transaction points, including 400 company owned Money Mart outlets, offer a range of financial products and services – banking, domestic remittance, credit, online shopping, utility bill payments, mobile and DTH recharges, Government payments, and UID related services - to its customers.
Thomas Cook India’s internal consumer research has revealed that currently in the Indian market, a large set of people in the tier II & III cities follow traditional Banking option for outward remittance for various purposes - study abroad, maintenance of close relatives etc. However, this novel collaboration will not only open up avenues for FINO’s captive audience to Thomas Cook’s gamut of Foreign Exchange Products & Services, and encourage customers to take up the new & innovative channel to transfer payments but also expand Thomas Cook India’s footprint in the tier II and III markets courtesy FINO PayTech’s strong reach of over 400 money marts across 14 states.
Commenting on the association, Mr. 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% 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.”
Mr. Mahesh Iyer, Chief Operating Officer, Thomas Cook (India) Ltd., 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 RBI,Indians have remitted more than $4 billion until February 2016, up from $1.32 billion 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. Hence, in a strategic initiative to tap into the rapidly growing opportunity, Thomas Cook India’s collaboration with FINO PayTech Ltd is of significant value towards the growth of the industry at the right time.