Revolut India receives in-principle authorization from the Reserve Bank of India (RBI) for Prepaid Payment Instruments (PPI) licence

  • Revolut India can now issue Prepaid Payment Instruments (PPI), including prepaid cards and prepaid wallets in India.
  • This in-principle regulatory authorization from the Reserve Bank of India builds upon the existing approvals that Revolut India has secured, to provide multi-currency forex cards and cross-border remittance services in India.
  • This is a major milestone for Revolut India as it enables the firm to offer Indian consumers both international and domestic payment solutions on a single platform.

12 April 2024, India – Revolut, the global fintech with more than 40 million customers worldwide has reached a major milestone in India. It has received in-principle authorization from the Reserve Bank of India (RBI) to issue Prepaid Payment Instruments (PPI) including prepaid cards and prepaid wallets in India. This enables it to operate as a domestic player in the market.

This approval builds upon the existing licences which Revolut India has successfully obtained from RBI to operate as a Category-II Authorised Money Exchange Dealer (AD II) and to be able to provide multi-currency forex cards and cross-border remittance services.

It also puts Revolut in a unique position in India, to be able to offer to customers both international and domestic payment solutions on a single platform.

Revolut strives to democratise access to digital financial services and enhance financial inclusion worldwide. In line with its global vision of being a one-stop platform for “all things money”, Revolut plans to launch a full suite of digital-first money management services for all Indian customers, which will allow them to enjoy a simple, seamless and secure experience to manage their finances, including payments, remittances and more, both locally and across the world.

Paroma Chatterjee, Chief Executive Officer, Revolut India, commented, “We are grateful to RBI for providing us the opportunity to operate in India and honoured to be among the few who have been entrusted with this much sought after licence. Being fully compliant with all regulatory requirements is our top priority. India is the only market where Revolut has undertaken the massive task of localising the entire tech-stack to comply with local regulations.

We are excited to bring the Revolut experience to Indian customers very soon. To date, we have over 175,000+ prospective customers on Revolut India’s waitlist which illustrates the strong enthusiasm for a product like Revolut in this market. Together, we look forward to revolutionising money management, one card at a time.”

Revolut has been gearing up for its entry in India, working closely with the RBI over the past two years. This licence and the approvals that preceded it are an encouraging testament to that. India is the only market where Revolut is offering a localised version of the app. The company made an upfront investment and took on the mammoth task of localising their entire global tech-stack for India. The app is now live and undergoing internal testing with employees. It will be launching externally soon.

Chatterjee adds, “Revolut’s launch in India will bring us a step closer to our mission of unlocking a borderless economy and will mark a momentous milestone for fintech in India. We aim to be the ultimate money management companion for every global Indian.”

Join Revolut India’s waitlist

Manage your everyday spending with powerful budgeting and analytics, transfer money abroad, spend easily in the local currency, and so much more. You will be joining 40M+ users already using Revolut.

About Revolut

Revolut is a global fintech, helping people get more from their money. In 2015, Revolut launched in the UK offering money transfer and exchange. Today, 40 million customers around the world use dozens of Revolut’s innovative products to make more than 500 million transactions a month. Across our personal and business accounts, we help customers improve their financial health, give them more control, and connect people seamlessly across the world.

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