Calcutta, March 19: CentrumDirect, engaged in retail foreign exchange services, expects its market share in the travel cards business to rise to 15 per cent by March 2016.

T.C. Guruprasad, managing director of CentrumDirect, said the company had seen a traction in the sales of international travel cards in the co-branded multi-currency segment in the last six months.

This segment has seen a sale of around 10,000 cards per month. The cards, preloaded with foreign currency at spot exchange rates, usually have a five-year validity.

"We want to increase our market share to 15 per cent by March 2016," said Guruprasad.

The company, a subsidiary of Mumbai-based Centrum Capital, competes in a $2.7-billion market and has a share of 10 per cent. Axis Bank, Thomas Cook, ICICI, American Express, HDFC and the SBI are among the competitors in the travel card business.

The company is expanding its distribution channel in India and is looking to expand its business overseas.

Guruprasad said the company, at present, had foreign exchange counters at nine airports, including Calcutta and Bagdogra, and is planning to add another three by June 2015.

It is also looking to expand its presence in 125 cities by June 2016. Centrum follows a July to June fiscal.

CentrumDirect is also considering Sri Lanka and Maldives for its foreign exchange business. Guruprasad said the company would have to float subsidiaries that conform to the regulations of those countries. The middle-eastern countries are also on its radar for future expansion.