Thomas Cook expands its payment solutions portfolio with Visa

Thomas Cook (India) gained 1.69% to Rs 63.20 after the tours and travel operator on Wednesday announced the extension of its partnership with Visa.

Sep 15, 2021 01:09 IST capital market

Thomas Cook partnered with Visa to launch - The Thomas Cook Borderless card can be loaded with nine global currencies on a single card. The card supports US Dollars, British Pounds, Euro, Australian Dollars, Canadian Dollars, Swiss Francs, Singapore Dollars, Thai Baht and United Arab Emirates Dirhams.

Additionally, Thomas Cook said the the partnership benefits customers with access across the extensive Visa network over 70 million merchant establishments and ecommerce sites worldwide. Consumer concerns on health/safety have only served to fast track the deployment of technology - reducing dependencies on physical touch points and enhancing contactless. With this trend expected to have a significant and long lasting impact on payment solutions, the Thomas Cook multicurrency Borderless Prepaid Card has been launched in association with Visa.

Madhavan Menon, MD of Thomas Cook (India) said, ?As India sees a rapid shift to digital-first commerce, our sustained focus on technology led innovations has seen extension of our portfolio with the introduction of our Borderless multicurrency prepaid card in partnership with Visa. The card offers significant consumer benefits. In addition to nine global currencies, the chip and pin security enabled Borderless prepaid card provides customers with access to the largest global network of merchant establishments, ecommerce sites and ATMs. The top up and seamless shift to multiple currency wallets makes cross border travel smooth and effortless.?

Thomas Cook (India) provides travel and travel related financial services which include foreign exchange, corporate travel, insurance, visa and passport services, gift cards, hotel bookings, flight ticket bookings, tour packages and electronic business. On a consolidated basis, the company posted a net loss of Rs 83.43 crore in Q1 FY22 as compared to a net loss of Rs 94.21 crore in Q1 FY21. Net sales soared 238% to Rs 288 crore in Q1 FY22 over Q1 FY21.

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