London-based digital finance company Revolut announced its entry into the Indian market, signifying a turning point in the firm’s global expansion strategy. India represents one of the world’s most substantial digital payments markets, making this the company’s most ambitious international venture to date.
The fintech firm will introduce its payment platform to Indian consumers through strategic partnerships with the Unified Payments Interface and Visa, enabling both domestic and international transactions. The rollout will begin with approximately 350,000 customers currently on the waiting list before expanding access to the broader market later this year.
This move into India comes as Revolut pursues several other strategic initiatives, including the potential acquisition of a United States bank and the launch of credit card services in the United Kingdom.
Paroma Chatterjee, Chief Executive Officer of Revolut India, explained that the company will offer Indian consumers a prepaid card alongside a digital wallet. The firm secured a prepaid payments instrument license from the Reserve Bank of India earlier this year, which authorizes it to provide domestic payment services. Additionally, Revolut holds a separate license enabling it to offer foreign exchange services.
The company has established an ambitious target of acquiring 20 million customers in India by 2030, with a particular focus on what Chatterjee described as the “aspirational youth” demographic. To support this goal, Revolut has committed substantial resources to adapting its technology platform to comply with India’s data sovereignty requirements. A company spokesperson confirmed that Revolut has invested more than 40 million pounds (approximately $53.7 million) in this localization effort, showing the only market for which the firm has undertaken such extensive technological adaptation.
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