Revolut has made significant strides in India, receiving a full Prepaid Payment Instruments (PPI) licence from the Reserve Bank of India (RBI).
With this licence, the UK-based fintech will be able to issue PPIs, such as domestic prepaid cards and wallets with Unified Payments Interface (UPI) integration, a payment rail which processed approximately ₹79 billion in transactions during the first half of 2024.
Paroma Chatterjee, CEO of Revolut India, announced this milestone on LinkedIn, describing it as a “pivotal moment” for the company.
A segment of her post read: “In less than a year since our in-principle approval, we’ve achieved a landmark regulatory milestone that allows Revolut to operate as a domestic payments provider in India.
“It is a mark of honour, and I am grateful to the RBI for the same. We shall strive to deliver on the high standards set for us, and that we hold ourselves to.”
India presents significant potential for fintech companies, with PPI transactions showing a substantial increase among Indian customers.
Last year, ₹228 billion was generated across the Indian financial landscape. This growth is expected to continue, with Statista forecasting the figure to nearly double, reaching ₹500 billion by 2029.
Revolut first expanded into India in 2021 and holds a licence from the RBI to operate as a Category-II Authorised Money Exchange Dealer (AD II), offering multi-currency forex cards and cross-border remittance services.
Chatterjee’s social media post emphasised that this most recent licence is “a step toward financial empowerment” in India, serving as a key driver in Revolut’s mission to make both cross-border and domestic payments faster, cheaper, and more accessible.
Adding fuel to the IPO fire
In addition, Revolut recently strengthened its presence in Spain with the launch of its payment terminals.
Much like its plans in India, Revolut’s strategy in Spain is driven by several factors. One key factor is that over 93 million cards are currently in circulation in the country, with Revolut aiming to capture a share of this payments market.
Furthermore, Revolut sees an opportunity to modernise Spain’s traditional payment technology. The fintech firm has already seen success in this area across Europe, particularly in countries like Ireland and Italy.
This global expansion continues to drive up the value of fintech, with reports suggesting that Revolut is considering an IPO in the near future. However, much like Klarna is doing at the moment, Revolut is likely to hold off on this due to market turbulence caused by US President Donald Trump’s global tariffs.
