Deepesh Varma on reimagining forex through innovation, partnershipsand a truly ‘phygital’ vision
As global travel evolves and customer expectations rise, Thomas Cook India continues to stay ahead of the curve with bold, forward-thinking solutions. The integration with Google Pay, our strengthened partnerships with global payment leaders and innovative collaborations such as with Blinkit for quick last mile delivery of forex cards, mark only the beginning of a new era in foreign exchange. With enhanced security, unmatched access, and an effortless digital experience, the Indian traveller is better equipped than ever before.
And as Deepesh Varma, our Executive Vice President- Foreign Exchange, Thomas Cook (India) Limited, shares his insights, one thing becomes clear—this is not just a product upgrade, but a vision for the future of travel, powered by technology, trust and innovation.
Where do you see forex by 2030?
Over the last eight years, our forex business has undergone a fundamental shift. We have moved from being largely a wholesale, B2B-led organization to a predominantly retail, B2C-led one. Today, nearly 70% of our business comes from retail customers.
This isn’t just a change in numbers—it’s a change in mindset. Retail requires us to think differently about how we design products, how we interact with customers, and how we deliver experiences across branches, digital platforms, and partnerships. Speed, simplicity, and trust now matter more than ever.
This is an important milestone because our customers are no longer comparing us only with other forex players—they are comparing us with the best digital and retail experiences they have anywhere. That raises the bar for all of us.
As we look ahead to 2030, our strategy is anchored on five clear pillars:
- Revenue Growth
We will continue to grow by deepening our retail presence, expanding products, and increasing customer lifetime value—not just transactions. - Distribution – Physical and Digital
We believe strongly in a ‘phygital’ model. Branches remain critical for trust and reach, while digital gives us scale, speed, and convenience. The future is about making these two work seamlessly together. - Digitization
Digital is no longer a channel—it is the backbone of how we operate. From onboarding to payments to servicing, technology will simplify journeys and improve efficiency for both customers and employees. - Human Capital
Our people are our biggest differentiator. As we become more retail-focused, we will invest in skills, empowerment, and a customer-first culture so our teams can deliver consistently great experiences. - Customer Obsession
Everything starts and ends with the customer. Every product we design, every process we build, and every decision we make must answer one simple question: does this make life easier for our customer?
What are the immediate priorities for Forex in the next 2 years?
We are building a phygital ecosystem that serves customers seamlessly, irrespective of the channel they choose—branch, digital, or a combination of both. Our objective is to give customers the same consistent, easy, and secure experience across touchpoints.
On the physical side, we continue to believe strongly in the relevance of branches. Over the next two years, we plan to expand our network from 140 branches to approximately 200 branches, strengthening our presence and reach across key markets.
In parallel, we have been steadily advancing our digital journey. Having started a few years ago, we have made significant progress and currently see 22% digital penetration. Over the next two years, we aim to increase this to around 35%, driven by sharper digital offerings and deeper customer engagement.
In 2025, we launched our new TCpay app, along with a redesigned website, to align with evolving customer expectations—focusing on an experience that is easy, secure, and seamless.
We are also one of the largest prepaid card providers in India, and recently received RBI approval to offer co-branded prepaid cards with partners. This is a key milestone that will help us scale faster through strategic partnerships and wider distribution.
Looking ahead, we plan to expand beyond foreign exchange by entering the INR payments space. By mid-2026, we intend to launch an INR prepaid card, and a TPAP (Third-Party Application Provider) offering, enabling cross-border UPI payments—further strengthening our role in the everyday payments ecosystem.
In summary: our strategy combines physical expansion, digital acceleration, and product innovation to build a future-ready, customer-first phygital platform.
Thomas Cook India has announced pioneering partnerships with Google Pay, Mastercard, Visa and Blinkit. In simple terms, what do these collaborations mean for the Indian traveller?
These partnerships are about making foreign exchange Easy, Secure and Seamless for Indian travelers.
Earlier, forex was something you had to plan separately—visiting branches, filling out paperwork, and carrying physical cards. Through these collaborations, we have completely changed that experience.
Today, an Indian traveller can get a forex card delivered at home within minutes, track and manage spends digitally, and access real-time support—all through our TC pay app. Whether it is Google Pay enabling secure mobile payments, Visa and Mastercard ensuring worldwide acceptance, or Blinkit delivering instant access to forex cards, each partnership removes friction from the travel journey. Through these collaborations, we have completely reimagined the customer experience.
How does this new Tap-and-Pay/online capability differ from what customers previously had with our existing forex cards?
Earlier our forex cards worked mainly like prepaid cards—you had to physically swipe or insert the card at a terminal, carry it with you, and manage usage largely at the point of payment. While they were secure and widely accepted, the experience was still card-dependent, and felt separate from a customer’s everyday digital payments.
Now, with Tap-and-Pay and online capability, the forex card becomes fully digital and contactless. Customers can load the card into their mobile wallet, tap their phone to pay abroad, shop online internationally, track spends in real time, and control usage instantly—often without even taking the physical card out of their wallet.
In simple terms: earlier, forex cards were usable. Today, they are effortless.
The shift is from carrying and using a card to paying seamlessly through your phone, with more convenience, speed, and control for the traveller.
Can you explain how the Google Pay integration works—especially in terms of tokenization and the enhanced security it offers users abroad?
At a simple level, the Google Pay integration allows customers to use their forex card on their mobile phone instead of exposing the actual card details during a transaction—making payments safer and more convenient when travelling abroad.
From a tokenization and security perspective, when a customer adds their forex card to Google Pay, the real card number is never stored on the phone or shared with the merchant. Instead, it is replaced with a token—a unique, encrypted digital number created specifically for that device. This token works only on that customer’s phone and cannot be reused elsewhere. In addition, payments are protected by the phone’s built-in security—such as fingerprint, face recognition or PIN—so only the authorised user can complete a transaction.