Overview

• Revolut has started a staged launch in India, initially onboarding about 350,000 waitlisted users later this year subject to full KYC and AML checks.
• It holds RBI approvals including a Prepaid Payment Instrument licence and forex permissions, enabling a UPI-linked wallet plus domestic and multi-currency Visa prepaid cards.
• The company committed £500 million over five years to expand its India business and its global capability centre, following earlier tech localisation spend of roughly £40 million to meet data rules.
• India features subscription tiers and kids/teens accounts with budgeting tools, with the first product suite to include a multi-currency prepaid card for international travellers.
• Revolut is targeting 20 million Indian customers by 2030 and is positioning lower-cost cross-border payments as a key differentiator in competition with players such as Paytm, PhonePe and Google Pay.