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Revolut UK to launch in India soon, plans UPI app to target 2 crore users by 2030
Revolut has secured a payments licence from RBI to offer UPI and Visa payments for its Indian users. It plans to start ops with 3.5 lakh waitlisted customers.
In a first, London's Revolut Ltd. plans to launch in India to tap into one of the world's largest digital payments as part of a wider global push.
The payments app, which has local unit called Revolut Payments India Pvt. Ltd., will allow Indian users to make domestic and international transactions using UPI as well as Visa. It plans to start operations with 3,50,000 waitlisted customers and then expand to others.
Revolut India aims to sign up two crore customers by 2030, by targeting the “aspirational youth”, CEO Paroma Chatterjee told Reuters. That would be made possible through a prepaid cars and a digital wallet, she said.
Revolut India Plans
The UK-based fintech firm, which is exploring acquisition of a bank in the US and a ne credit card in its home market, is betting on India as a key plank of its global expansion.
Revolut has invested over £40 million (about $53.7 million) for localising its technology to meet India's data sovereignty rules, the only market where it has done so, a spokesperson told Reuters. Earlier this year, the firm secured a prepaid payments instrument licence from the Reserve Bank of India to offer domestic payment services. It also has a license to offer forex services.
