Revolut secures RBI nod to launch digital wallets and UPI in India

By Gloria Methri

UK FinTech giant Revolut has officially entered India’s booming digital payments space, securing full authorisation from the Reserve Bank of India (RBI) to issue prepaid wallets and cards and enable UPI payments. With this green light, Revolut is set to operate as a full-fledged domestic player in one of the world’s most dynamic FinTech markets.

The full Prepaid Payment Instruments (PPI) license comes less than a year after Revolut secured in-principle approval from the RBI in April 2024. The approval builds on the FinTech’s existing permits to operate as a Category-II Authorised Money Exchange Dealer (AD II), offering multi-currency forex cards and cross-border remittance services.

“This approval is a testament to RBI’s faith in Revolut’s ability to offer differentiated solutions to Indian consumers, in full compliance with the regulations of the country,” said Paroma Chatterjee, CEO, Revolut India. “We are excited to build on our existing licenses and launch our domestic PPI product in India alongside our international multi-currency card. Our vision is to make every payment on the platform more convenient, transparent and cost-effective, with our best-in-class product experience for our customers.”

With this development, Revolut is now uniquely positioned to offer both international and domestic payment solutions under a single brand in India—one of the world’s fastest-growing digital payments markets.

Globally, Revolut has established itself as the most downloaded financial app in the UK and Europe, with a presence in over 38 countries. In 2024, the company hit 50 million users worldwide, received a $45 billion valuation, and secured a restricted UK banking license from the Prudential Regulation Authority (PRA).

Revolut’s international expansion has gained momentum in recent years, with launches in Brazil (2023) and Mexico (2024), where it acquired an SCD license and a banking license, respectively. India is expected to play a pivotal role in Revolut’s goal of reaching 100 million global users and reshaping financial services for the next generation.