"Inward remittances form about 22-23 percent 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 today closed at Rs 201.85 per scrip on BSE, down 0.15 percent from the previous close.

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