Thomas Cook (India) Limited, is a leading travel, tour, and forex services provider company, is capitalizing on the booming overseas education segment by launching the innovative Study Buddy Card in partnership with Mastercard and Visa. With a significant YoY increase of over 162% in the overseas education segment for FY23, Thomas Cook aims to expand its market share and cater to the specific needs of students studying abroad. The Study Buddy Card offers a range of powerful benefits, including free international student identity card, global SIM card, zero mark-up on transactions, and comprehensive fraud protection insurance, among others.
Growing Opportunities in the Overseas Education Segment:
Thomas Cook recognizes the overseas education segment as a lucrative and rapidly growing opportunity within its business. According to data from the Reserve Bank of India, the education segment accounted for approximately 13% of total overseas spends from India, amounting to USD 3.43 billion in FY23. This upward trend has prompted Thomas Cook to strategically focus on capturing a larger market share and addressing the unique requirements of students studying abroad.
The Study Buddy Card provides students and their parents with peace of mind through its comprehensive features and benefits. Some of the key advantages of the card include:
Free International Student Identity Card (ISIC): Offers access to a wide range of student discounts and benefits globally.
Free global SIM Card: Enables students to stay connected with their loved ones back home without incurring high roaming charges.
Zero mark-up on transactions in the base currency: Eliminates additional fees or charges when making purchases in the currency of the student’s destination country.
Comprehensive fraud protection insurance: Provides coverage and protection against any fraudulent transactions or misuse of the card.
Free card replacement on loss of card: Ensures that students can quickly and easily replace their Study Buddy Card in case of loss or theft.
Special benefits such as airport lounge access in India and KrisFlyer miles on forex purchases offer added convenience and rewards for cardholders.
Demand Trends and Market Reach:
Key source markets for growth include Punjab, Delhi NCR, Kerala, Gujarat, Maharashtra, Tamil Nadu, and Andhra Pradesh.
India’s metros and mini metros continue to show strong momentum, with approximately 26% growth compared to pre-pandemic levels.
Tier 2-4 markets are experiencing significant growth, with approximately 35% increase compared to pre-pandemic levels.
Top student destinations for Thomas Cook in 2023 include the UK, Canada, USA, Australia, Germany, France, and Singapore.
Conclusion:
With its innovative Study Buddy Card, Thomas Cook India is well-positioned to tap into the flourishing overseas education market. The card’s tailored benefits and features address the specific requirements of students studying abroad, providing them with financial convenience, security, and added perks. Thomas Cook’s extensive reach, both offline and online, combined with its strong presence in key source markets, enables the company to cater effectively to the needs of students and their families, further strengthening its position in the forex services industry.
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Updated: 26 Jun 2023, 10:35 PM IST