Overview

• Rollout will begin by onboarding more than 350,000 waitlisted users later this year before opening to the wider market.
• Regulatory clearances include a Prepaid Payment Instrument licence and forex/Authorised Dealer-II capabilities, enabling domestic payments and international transfers with same-day remittances via a local bank partner.
• The product pairs a UPI-enabled wallet with domestic and multi-currency Visa prepaid cards, which Revolut pitches as lowering foreign-exchange costs for overseas spending.
• Onboarding will require full KYC, including Aadhaar and video verification, with new users screened against OFAC and United Nations sanctions lists.
• Revolut has invested roughly £40 million to localize its infrastructure for India’s data rules and is targeting about 20 million customers by 2030 in a market dominated by Paytm, PhonePe and Google Pay.