From a recent announcement, Revolut India has received an in-principle authorization from the Reserve Bank of India (RBI) to issue Prepaid Payment Instruments (PPI), including prepaid cards and wallets, in the country. This move marks a significant milestone for the global fintech firm, allowing it to operate as a domestic player in the Indian market.
With this approval, Revolut India expands its capabilities beyond its existing licenses from the RBI as a Category-II Authorized Money Exchange Dealer (AD II) and its ability to provide multi-currency forex cards and cross-border remittance services.
This development positions Revolut uniquely in India, enabling it to offer customers both international and domestic payment solutions on a single platform. The London-based neobank and financial technology company has been diligently preparing for its entry into the Indian market, collaborating closely with the RBI over the past two years.
Revolut’s commitment to offering localized services in India is evident, as it becomes the only market where the company is providing a tailored version of its app to comply with local regulations.
In addition to the PPI authorization, Revolut plans to introduce a comprehensive suite of digital-first money management services for all Indian customers. These services will empower users to manage their finances, conduct payments, and remittances, both domestically and internationally.
The forthcoming app, currently undergoing internal testing, will be officially launched once this phase is complete. Demonstrating strong interest in the product, Revolut India has already garnered over 175,000 prospective customers on its waitlist, underscoring the demand for innovative financial solutions in the Indian market.