Thomas Cook India, a leading travel company has launched a borderless pre-paid multi-currency travel card in partnership with Mastercard & Visa.

In a press statement, Thomas Cook India says that the card has been issued in view of the sharply rising overseas travel spending by Indian visitors.

It says that India’s outbound travel spending reached a record USD 17 billion in FY24, marking a 25 pc year-on-year increase and accounting for 54 pc of all international expenditure.

The statement adds that the projections indicate that this figure will soar to USD 55.4 billion by 2034, driven by rising incomes, improved aviation connectivity, and the growing aspirations of Indian travellers.

The forex services company says that this surge is not limited to metropolitan hubs as travellers from Tier II and Tier III cities are increasingly venturing abroad, creating a demand for seamless and secure foreign exchange solutions.

Deepesh Varma

“At Thomas Cook India, we continue to strengthen our leadership in the forex sector by anticipating market shifts and innovating to meet evolving customer needs. The launch of our Borderless Travel Card, builds on the success of our prepaid card portfolio that includes Study Buddy (for students) and EnterpriseFX (business traveller). The Borderless Travel Card is our strategic response to address the needs of India’s leisure segment: offering smooth and seamless multi-currency access, the convenience of worldwide acceptance, and exclusive travel benefits, all with the reliability and security of Mastercard and Visa. I am particularly proud of our integration of sustainability with financial innovation with this, India’s first eco-friendly card made of recycled plastic. The timing is perfect, at the start of India’s key travel booking season and we look forward to elevating our customer experience while reinforcing Thomas Cook India’s position as India’s forex specialist,” says Deepesh Varma, Executive Vice President – Foreign Exchange, Thomas Cook India.

The statement adds that this payment card supports 12 global currencies, offers worldwide acceptance at over 70 million merchant establishments, and provides exclusive travel benefits such as complimentary airport services and emergency cash assistance.

The forex services company says that the Borderless Travel Card promotes sustainability with its eco-friendly design crafted from recycled plastic and the additional perks include insurance coverage up to INR 750,000, free ATM withdrawals, and 24/7 customer support.

The statement adds that users can earn reward points redeemable for holidays and flights, further enhancing its appeal to Indian travellers.

Anubhav Gupta

According to the statement the number of Indians travelling abroad has already surpassed pre-pandemic levels, with packaged tours remaining popular among travellers.

“As the country’s aspirations reach for newer heights fuelled by a growing middle class, Indians including those from Tier II and III are keen to explore the world. Mastercard Economics Institute’s research has shown that today, the number of Indians travelling abroad in a single quarter is comparable to the annual number of Indian travellers 10 years ago. At Mastercard, we see a need to support such travellers with more convenient, sustainable, and safer modes of payment. Through our collaboration with Thomas Cook, we are excited to offer this Borderless Travel Card which brings among the best rewards and acceptance across 12 currencies and 200 countries and territories,” says Anubhav Gupta, Senior Vice President, South Asia at Mastercard.

Rishi Chhabra

“We are delighted to partner with Thomas Cook India to launch the Borderless Travel Card for India’s growing outbound travel market. Backed by Visa’s global network, worldwide acceptance and trusted, secure payments, this card enhances travel experiences with a seamless, secure and sustainable offering. Our partnership reflects a joint commitment to financial inclusion and delivering unparalleled convenience to Indian globetrotters. We look forward to setting a new benchmark in travel payments that provide security, ease and exclusive benefits,” says Rishi Chhabra, Country Manager for Visa India.