Revolut, the UK-based fintech giant, is poised to launch its payments platform in India, marking a significant step in its global expansion strategy. The company aims to capture a substantial share of India's rapidly growing digital payments market, targeting 20 million users by 2030. This move reflects Revolut's ambition to establish a strong presence in one of the world's largest and fastest-growing digital payments ecosystems.
The initial rollout will prioritize onboarding the 350,000 users already on the waiting list. Following this initial phase, Revolut plans to expand access to the wider public. The platform will enable Indian users to conduct both domestic and international transactions through integrations with the Unified Payments Interface (UPI) and Visa.
Revolut's India-focused app will offer a comprehensive suite of financial services, including a digital wallet and prepaid cards operating on the Visa network. These features will facilitate both domestic transactions and low-cost international spending. Additional features include customizable UPI handles, rewards on prepaid cards, budgeting tools, in-app security measures, fraud and travel insurance, and supervised accounts for youth. The company aims to provide Indian consumers with unparalleled freedom and control over their finances, streamlining everyday payments and global transactions.
Paroma Chatterjee, CEO of Revolut India, emphasized the significance of this launch, highlighting the combination of India's robust domestic payment infrastructure with a world-class international spending product. The collaboration with Visa is expected to ensure seamless and secure transactions with global acceptance from day one.
To comply with India's data sovereignty laws, Revolut has invested over £40 million (approximately $53.7 million) in localizing its technology. This substantial investment underscores Revolut's commitment to the Indian market and its long-term success in the region. India is the only country where Revolut has undertaken such extensive localization efforts. Revolut holds a prepaid payments instrument license from the Reserve Bank of India (RBI) and a license to offer foreign exchange services, enabling it to fully serve Indian customers across various financial needs.
Revolut is targeting India's large "aspirational youth" demographic. The launch aligns with Revolut's broader five-year global plan to invest £10 billion, create thousands of jobs, and expand into over 30 new countries by 2030. This initiative is expected to accelerate fintech innovation in India by offering integrated, borderless financial services tailored to the needs of modern digital consumers.
The move also comes as Revolut is exploring a potential acquisition of a US bank and launching credit cards in its home market.
India's digital payments landscape has experienced remarkable growth, driven by the rapid expansion of digital infrastructure, the widespread adoption of UPI, and changing consumer preferences. UPI has become the backbone of India's digital payments ecosystem, accounting for a significant portion of retail digital payment volumes. The market is expected to continue its rapid growth, with overall transaction volumes projected to nearly triple by FY30.
Revolut's entry into India is poised to intensify competition in the country's trillion-dollar digital payments ecosystem. While UPI remains central to digital payments, credit cards and Bharat Bill Payment System (BBPS) are expected to drive the next wave of transformation. Major players like PhonePe and Google Pay currently command significant UPI market share. Other competitors include Wise and Instarem.
The success of Revolut's India launch could serve as a blueprint for other Western fintech firms looking to expand into emerging markets.
