UK's Revolut To Launch In India! From Cards To UPI-Led Domestic, Forex Payments, What’s In Store For You?

UK-based digital finance firm Revolut is gearing up to launch its operations in India later this year. The company plans to introduce an all-in-one app that will enable seamless online transactions both within the country and abroad.

Revolut's entry into the Indian market will place it in direct competition with leading digital payment platforms such as Paytm, PhonePe, and Google Pay. However, the fintech firm's application may provide a wider range of services, including multi-currency accounts, international money transfers, currency exchange, etc.

Revolut To Enter India

The company has planned to onboard over 20 million Indian customers by 2030. In India, Revolut will enable users to make both domestic and international payments. This will be facilitated through partnerships with the Unified Payments Interface and Visa. Initially, the service will be available to 350,000 customers on a waiting list before expanding to a wider audience later this year.

Revolut To Launch App Soon: What's In It For You?

-Revolut is planning to enable Indian users to make both domestic and international payments.
-The company has already partnered with the Unified Payments Intervace and Visa to offer the services.
-The company would offer a prepaid card and a digital wallet in the country, noted Paroma Chatterjee, CEO of Revolut India. This initiative is backed by a prepaid payment instrument license from the Reserve Bank of India obtained earlier this year.
-Other than UPI enabled services, Revolut will also offer Visa cards to its customers.
-Revolut India application will offer a prepaid wallet with UPI, domestic and international Visa cards.
-Customers can also use customisable Revolut-branded UPI handles, prepaid card rewards, low-cost international spending, supervised accounts fo children.
-There will also be subscription-based services, in-app security features, fraud and travel insurance and budgeting and analytics tools.
As the company also holds a license to provide forex services in India, it is aiming to focus on the young demographic as its primary target audience.

Revolut has reportedly invested over 40 million pounds (approximately $53.7 million) to adapt its technology for India's data sovereignty regulations. Notably, India is the only market where such localisation efforts have been undertaken by Revolut.

"Revolut's expansion into India is further proof of the UK's global leadership in fintech. Their powerful, innovative platform will deliver better banking services to millions - showcasing the best of British business on the global stage and driving growth in the UK and India," stated Lucy Rigby, economic secretary to the Treasury, UK.