Revolut, a British fintech major, has received the final authorization from the Reserve Bank of India (RBI) to issue Prepaid Payment Instruments (PPIs), including prepaid cards and digital wallets with Unified Payments Interface (UPI) integration. This authorization makes Revolut the first non-banking player to receive permission to issue PPIs in India. Revolut already holds licenses to operate as a Category-II Authorized Money Exchange Dealer and offer multi-currency forex cards and cross-border remittance services.
With this new license, Revolut can now offer both international and domestic payment solutions under one platform in India. The company can also offer UPI payment services to its Indian customers through its mobile wallet product. The move positions Revolut to compete in India’s crowded digital payments market dominated by players like PhonePe, Google Pay, Paytm, and traditional banks.
Revolut CEO Paroma Chatterjee said the company’s vision is to make every payment on the platform more convenient, transparent, and cost-effective. Revolut expects to launch its domestic PPI product in India, alongside its international multi-currency card, to improve lives of its customers. The company has over 50 million customers globally and operates in 38 countries.
Revolut considers India a key part of its strategy to double its global customer base to 100 million. The company’s cofounder and CEO, Nik Storonsky, expressed appreciation for the RBI’s confidence in Revolut’s ability to provide innovative and accessible financial services in India. This move is a significant step in Revolut’s expansion beyond the UK and European Economic Area, including its recent launch in Brazil and receipt of a banking license in Mexico.