With the season of fresh admissions to universities abroad fast approaching, banking on the large and growing overseas education segment to expand its market share and address the needs of this high potential sector, leading travel firm Thomas Cook India has launched ‘Study Buddy’ card in association with Mastercard and Visa for students travelling abroad to study.
According to a statement by Thomas Cook, the key benefits of this card include a free International Student Identity Card (ISIC), free global SIM Card, free ATM withdrawal once a month and surcharge free withdrawals at all point ATMs in the USA, Canada, Mexico, UK and Australia, zero mark up on transactions in base currency.
The statement adds that the new forex card also comes with a comprehensive fraud protection insurance, free card replacement or emergency cash assistance on loss of card, all-day call support with free lounge access at international airports in India along with KrisFlyer miles on every forex purchase.
According to the statement, Thomas Cook’s data reveals distinctive demand trends for the overseas education segment, with key source markets driving growth for the company including Punjab, Delhi NCR, Kerala, Gujarat, Maharashtra, Tamil Nadu and Andhra Pradesh. It adds that India’s metros and mini metros are displaying continued momentum of about 26 pc in comparison with pre-pandemic levels and strong uptick emerging from Tier II, III and IV markets, with about 35 pc growth vs. pre-pandemic figures.
Thomas Cook India says that the top student destinations in 2023 include the UK, with a contribution of 32 pc, Canada with 26pc, USA with 9 pc, followed by Australia, Germany, France and Singapore.
Deepesh Varma
“Our overseas education segment is power driving our growth story and we have witnessed a strong 162 pc year-on-year growth for FY23. We are bullish about this segment and the launch of our Study Buddy Card in collaboration with MasterCard and Visa, signals our strategic intent to expand this business. The Study Buddy Card forms a valuable addition to our unique Study Buddy programme, conceptualised to address the needs of the student segment and their parents. It has been inbuilt with a range of invaluable advantages including free International Student Identity Card (ISIC), free global sim card, zero mark up on transactions in base currency, comprehensive fraud protection insurance, free card replacement on loss of card, 24×7-call support, to empower students and offer parents that much needed reassurance. Our Study Buddy Card also offers additional benefits like airport lounge access in India, free ATM withdrawal,” says Deepesh Varma, Executive Vice President, Foreign Exchange, Thomas Cook (India) Limited.
“Building on our deep partnership, we at Visa are excited to power the Thomas Cook Study Buddy card, a card that simplifies payments for students stepping out into the world. With the Indian overseas education market estimated to hit USD 100 billion by 2025, the launch couldn’t be better timed. Especially curated for Indian students studying abroad, the Thomas Cook Study Buddy card offers an array of value-added benefits to support students’ needs in education and access to funds in their destination, backed by the security, convenience and trust of the Visa network,” says Sujai Raina, Head of Business Development, India at Visa.
The forex company says that the foreign exchange has been a noteworthy driver of its business, with a record significant year-on-year gain of over 162 pc for FY23. This is reiterated in data from the apex Reserve Bank of India (RBI), which reveals that the education segment with spends of USD 3.43 billion (INR 281.4 billion) in FY23, represents approximately 13 pc of total overseas spends from India.
Mukul Sukhani
“We are delighted to partner with Thomas Cook to bring a specially curated solution for students bound for overseas. Travelling abroad with the destination country’s currency has continued to challenge students with high rates on foreign exchange. With this solution, we aim to simplify the process to ensure cashless travel without the hassle of worrying about currency exchange commissions. With the rising number of students moving abroad for higher education, we believe that this partnership with Thomas Cook will bring seamlessness and help them focus on more important things while they settle in a new country. Additionally, we have also onboarded Thomas Cook on the Mastercard Travel Rewards (MTR) program making them the only partner to offer a fully funded cashback program exclusive to Mastercard cardholders. MTR will allow Thomas Cook Mastercard cardholders to maximise their international savings by providing merchant funded cashback at 400+ brands across 25 countries including marquee names such as Macy’s, Coach, Ralph Lauren, to name a few,” says Mukul Sukhani, Senior Vice President, Business Development, Mastercard.
