New Delhi: London-based digital finance firm Revolut has recently announced that it will launch its latest payment platform in India, its first foray into one of the world’s largest digital payments markets, as part of the planned global expansion. Revolut will enable the Indian users to make those domestic and international payments through its tie-ups with the Unified Payments Interface and Visa, starting with the 350,000 waitlisted customers later this year, before opening to others.
The UK-based fintech firm, which stated last month it was exploring the US bank purchase and the credit card launch at home, is betting on India as a key plank of its global expansion. It will offer prepaid cards and digital wallets in India, according to Paroma Chatterjee, the CEO of Revolut India. The firm will use the prepaid payment instrument license it secured from the Reserve Bank of India earlier this year to offer domestic payment services. It also has a license to provide forex services.
The company aims to sign up to 20 million customers by 2030, by targeting the aspirational youth demographic, according to Paroma Chatterjee. Revolut has invested over 40 million pounds in localising its technology to meet India’s data sovereignty rules, the only market where it has done so. Their partnership with Visa allows them to deliver a trusted and seamless global acceptance experience to their users, along with the integrated UPI experience, from day one. This is the first step in their long-term mission to empower Indians to change the way they spend their money.
