Revolut UK set to launch in India, eyes 2 crore UPI users by 2030

Revolut UK to launch in India soon: London-based fintech company Revolut Ltd. is going to start its services in India for the first time. The company aims to establish a strong foothold in India, one of the world's largest digital payments markets. The move is part of the company's global expansion strategy. Revolut India CEO Parma Chatterjee said that the company aims to add 2 crore Indian customers by 2030. She said that the main focus of the company will be on “aspirational youth.” Revolut will provide its services in India through prepaid cards and digital wallets.

Facilitate digital transactions with UPI & Visa

The company's Indian unit, Revolut Payments India Pvt. Ltd. Will allow users to conduct domestic and international transactions through UPI and Visa. Initially the company will start its services with 3.5 lakh waitlisted customers and gradually expand to other users.

£40 million invested in India so far

Revolut has so far invested £40 million (about Rs 537 crore) to prepare to enter the Indian market. The company has completely localized its technology in accordance with Indian data sovereignty rules. Revolut said it is the only market in the world where it has adapted its platform to local needs at this level.

Approval received from Indian regulators

Earlier this year, the company received a Prepaid Payment Instrument (PPI) license from the Reserve Bank of India (RBI), which allows it to provide domestic payment services in the country. Apart from this, the company also has permission to provide Forex services.

Preparing to Expand in the US-UK

Revolut is expanding rapidly globally. The company is also working on a bank acquisition in the US and a plan to launch a new credit card in the UK. She is considering the launch in India as an important step of her international strategy.

Parma Chatterjee said, "The market of digital payments in India is growing rapidly. Revolut aims to provide modern, safe and international-level payment services to Indian youth." With this launch, Revolut will compete with strong players like Google Pay, PhonePe and Paytm, but with her global experience and international transactions, she wants to present herself in a different category.