In a significant development for digital financial services in India, UK-based fintech giant Revolut has secured an in-principal authorisation from the Reserve Bank of India (RBI) to issue Prepaid Payment Instruments (PPI). This move allows Revolut to offer prepaid cards and wallets, marking a crucial step in its expansion within the Indian market.

Strengthening Position in India

Revolut’s recent achievement builds on its existing financial licenses in India, including its status as a Category-II Authorized Money Exchange Dealer (AD II) and provider of multi-currency forex cards and cross-border remittance services. The PPI license enables Revolut to operate as a domestic player, offering both international and local payment solutions through a unified platform. This strategic expansion is aimed at democratizing access to digital financial services and enhancing financial inclusion across India.

Digital-First Financial Solutions

With the PPI licence, Revolut is poised to launch a comprehensive suite of digital-first money management solutions tailored for the Indian market. These services are designed to offer a simplified, convenient, and secure experience in managing finances, including local and international payments and remittances. “Our goal is to transform the way people in India manage their money, making financial services accessible, effortless, and secure,” said a spokesperson from Revolut India.

Compliance and Localisation

Compliance with local regulations is a top priority for Revolut. India stands out as the only market where Revolut has completely localized its tech-stack to meet regulatory standards. The company has been actively collaborating with the RBI since 2022 to ensure full compliance and prepare for its official launch.

Anticipating Launch and User Adoption

Revolut has nearly 175,000 users on its waitlist, reflecting significant market anticipation and interest in its services. The app is currently in the licensing phase and undergoing rigorous testing by company employees, with plans for a public rollout soon. “The enthusiastic reception from prospective users underscores the demand for innovative financial solutions in India,” added the spokesperson.

Impact on the Fintech Landscape

The introduction of Revolut’s services is expected to significantly impact the Indian fintech landscape. By providing a localized app and aligning with RBI’s regulatory framework, Revolut aims to contribute to the development of a borderless economy and further advance the fintech sector in the region.

As Revolut prepares for its imminent launch in India, the fintech community and prospective users alike are keenly watching. This expansion not only underscores Revolut’s commitment to enhancing financial services globally but also highlights the growing importance of India in the global fintech arena.

Revolut Compliance Profile