Overview

• Revolut rolled out a UPI-enabled payments app and Visa prepaid cards in India, targeting 20 million users by 2030 and at least $7 billion in processed transactions.
• The launch is backed by RBI approvals including a Prepaid Payment Instrument license and an Authorised Dealer–II permit, enabling wallets, cards, and UPI integration.
• Planned features include branded UPI handles, a domestic Visa card and a multi-currency international card, kids and teens accounts, spending insights, subscriptions, and local rewards.
• Revolut will offer only full‑KYC wallets with Aadhaar and video verification and will screen users against OFAC and UN sanctions lists, supported by a $45 million India tech localization investment.
• The company says it can support domestic and international transfers with same‑day remittances via a local bank partner, entering a field dominated by banks and major apps such as Paytm, PhonePe, and Google Pay.