By BW Hotelier

THOMAS COOK (India) Ltd. has announced a strategic partnership with ItzCash to extend its outreach to India’s rapidly growing unbanked inward remittance market, by offering remittance services (Xpress Money & MoneyGram) across an extensive network of over 75000 touch points, pan India.

According to the World Bank Report Migration and Development Brief, India is the largest receiver of remittances in the world ’ at an approximate USD 71 billion in 2014 (up from a mere USD 22 billion in 2005) ranking Indians as the second largest diaspora globally (approximately 25 million Indians living in 110 countries worldwide). However as per the Reserve Bank of India, about 40 per cent of India’s population still does not have access to financial services.

Thomas Cook India’s research-analytics further reiterated this opportunity, revealing strong potential in the unbanked inward remittances markets of Middle India and rural areas, including Punjab, Haryana, Gujarat, Andhra Pradesh, Uttar Pradesh, Bihar and Kerala. Hence to leverage the untapped opportunity of this unbanked market, Thomas Cook India has partnered with ItzCash, to offer extensive distribution and hence both ease in access, convenience and swift transactions for its inward remittance customers.

Commenting on the announcement, Mahesh Iyer, Chief Operating Officer- Foreign Exchange & Head- Visas, Thomas Cook (India) Ltd., (see photo) said, ’Inward remittances form about 22-23 per cent of India’s foreign exchange income and having more than tripled over the last decade, is a powerful growth market. Thomas Cook India’s alliance with ItzCash, is hence a strategic move to leverage the powerful potential of this unbanked inward remittance market- especially in Middle India and rural and semi-rural catchment areas; and thereby offer our customers hassle free convenience and access and speedy inward remittance transactions.’

He further added, ’With this partnership, we aim to become one of the leading inward remittance distribution networks in India and reaffirm our consumer commitment as a comprehensive Payment Solutions Provider.’

Naveen Surya, Managing Director, ItzCash Ltd., said ’From the inception, we have been offering digital payments especially for the mass middle class in the country. Our leadership in this space coupled with our distribution especially in T2 and T3 locations will add lots more value to the end consumer. We are very upbeat about this association with our esteemed partner ’ Thomas Cook India.’

ItzCash is the first company to be issued the Certificate of Authorization by the Reserve Bank of India (RBI) under the Payment and Settlement area.