Thomas Cook India partners with digital payments solution firm ItzCash

Travel services provider Thomas Cook India has announced a partnership with digital payments solution firm ItzCash of Essel Group to expand its outreach to India's rapidly growing inward remittance market.

"Inward remittances form about 22-23% of India's foreign exchange income and having more then tripled over the last decade, is a powerful growth market", Thomas Cook India Foreign Exchange COO and Visas Head, Mahesh Iyer said.

With this partnership, Thomas Cook India aims to become one of the leading inward remittance distribution networks in the country and reaffirm its commitment as a comprehensive payment solutions provider, he added.

"From the inception, we have been offering digital payments especially for the mass middle class in the country," ItzCash Managing Director Naveen Surya said.

The company's leadership in this space coupled with its distribution especially in tier II and Tier III locations will add lot more value to the end consumer, he added.

Shares of Thomas Cook India on Monday closed at Rs 201.85 per scrip on BSE, down 0.15% from the previous close.