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Thomas Cook India partners with Corporation Bank for Borderless Prepaid Card
  • March 2014

Thomas Cook India partners with Corporation Bank to expand distribution network for its multi-currency Borderless Prepaid Card

Thomas Cook (India) Ltd., India’s leading integrated travel and travel related financial services company, announced an agreement with  Corporation Bank, one of India’s largest public sector bank,  to distribute its unique multi currency Borderless Prepaid Card via the Bank’s foreign exchange branches across its impressive 2009 strong branch network, pan India. In a first mover advantage, this pioneering initiative will see a card issued by a non-banking entity being distributed by a bank.

Launched in November 2012, Thomas Cook India’s Borderless Prepaid Card in collaboration with MasterCard Worldwide has witnessed impressive uptake- with over 60,000 of cards sold; a loaded value of US$ 205 Mn. and a market share of more than 12%, merely a year from launch - making it the largest non bank player in the space.

UNWTO research has highlighted the powerful potential of India’s outbound travel sector- estimated to account for 50mn outbound tourists by 2020. This, coupled with the strong consumer demand for its Borderless Prepaid Card, propelled Thomas Cook India to seek a strong distribution partner to fulfill its aggressive expansion strategy, and in Corporation Bank it found an ideal match. Corporation Bank’s unerring focus on both technology and its consumer saw resonance with Thomas Cook India’s pioneering innovation and consumer empowering product development.

The association, extends the reach of Thomas Cook India’s Borderless Prepaid Card via Corporation Bank’s impressive network, across India’s metros, mini metros and the emerging Tier II & III Regional markets; also rural India.

The Borderless Prepaid Card empowers travellers with the option of loading eight currencies on a single card (US Dollars, British Pounds, Euro, Australian Dollars, Canadian Dollars, Swiss Francs, Singapore Dollars & Japanese Yen) enabling the cardholder to use the appropriate currency, basis the country being visited - effectively saving money and time. Customer-centric features on the card include instant loading, emergency cash disbursement and free replacement card in case stolen or lost and 24x7 global emergency assistance available via toll free access in over 80 countries. The chip and pin security features of the card ensures additional safety for the traveler.

Mr. S R Bansal, Chairman & Managing Director, Corporation Bank said, “Corporation Bank is delighted to partner with Thomas Cook and MasterCard in introducing a secure EMV Compliant Forex Travel Card in keeping with its tradition of introducing tech-savvy and customer friendly products and services. With the number of Indians travelling abroad for business or leisure, the single Card with 8 currency pockets will certainly increase customer convenience and enhanced security and the Bank’s pan India presence would be leveraged to market this product to a large number of customers.”

Commenting on the partnership, Mr. Mahesh Iyer, COO, Foreign Exchange, Thomas Cook (India) Ltd. said, "We are truly delighted to partner with Corporation Bank, a stalwart in the Indian banking industry, to give India’s outbound traveller far greater access to our unique Borderless Prepaid Card via the Bank’s impressive reach countrywide.”

“With this tie-up, we will take our legacy as innovators & pioneers in the travel and payment solutions business an emphatic step forward,” he added. 

 
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