Prithvi Exchange to Launch Forex Cards Under Own Brand Name

Why It Matters

Own‑brand cards let Prithvi cut bank markups, enhancing competitiveness and expanding its share of India’s growing travel‑spending market. This signals a broader fintech push into traditional banking territory.

Key Takeaways

• Launching own forex cards Q1 FY27.
• Controls pricing, reduces bank markups.
• 32 stores across metros, Tier‑2/3 cities.
• Cards account for 30% of revenue now.
• Travel demand high despite geopolitical risks.

Pulse Analysis

The Indian foreign‑exchange landscape is witnessing a shift as non‑bank players move beyond brokerage to become card issuers. Prithvi Exchange, a Chennai‑based FX service with a network of 32 retail outlets, announced plans to roll out its own branded forex cards in the first quarter of fiscal 2027. This mirrors a broader fintech push to capture the $10‑plus billion travel‑spending market, where traditional banks have dominated card issuance. By leveraging its existing storefronts and digital platforms, Prithvi aims to offer a seamless, locally‑tailored alternative to bank‑issued products.

Pricing flexibility sits at the core of Prithvi’s strategy. As a reseller of ICICI and IndusInd cards, the company has been subject to bank‑imposed markups that inflate conversion fees for travelers. Owning the card program enables Prithvi to set rates directly, potentially delivering cheaper foreign‑currency conversions and lower service charges. For price‑sensitive Indian tourists—who account for a growing share of outbound travel post‑COVID—such cost savings can be decisive. Moreover, the firm’s emphasis on cash availability addresses lingering consumer anxiety about digital payment reliability abroad.

The move could reshape competition in the travel‑finance segment. With cards already contributing roughly 30% of Prithvi’s revenue, a proprietary product may boost its share of the lucrative remittance and travel‑spending ecosystem, especially as geopolitical tensions introduce volatility in currency markets. However, regulatory approval, card‑network partnerships, and the need to maintain robust fraud protection will be critical hurdles. If successfully navigated, Prithvi’s brand‑owned forex cards could set a precedent for other regional FX firms seeking to bypass banks and capture a larger slice of India’s outbound tourism boom.