Fintech
Travel Tech
Electric Vehicle
Health Tech
Edtech
IT
Logistics
Retail
Ecommerce
Startup Ecosystem
Enterprise Tech
Clean Tech
Consumer Internet
Agritech
Revolut is now fully authorised to issue prepaid cards offer and wallet services in India
The UK-based fintech offers various financial products such as cards, personal and business accounts, payments solutions, and also acts as a payment gateway platform
According to its website, the startup posted a total revenue of $2. Bn with a profit before tax of $545 Mn in the year 2023
UK-based fintech Revolut said it has received full authorisation from the Reserve Bank Of India (RBI) to issue prepaid payment instruments (PPI) like prepaid cards and prepaid wallets with UPI payments.
PPIs facilitate purchase of goods and services, conduct of financial services, enable remittance facilities, among others against the value stored therein.
In a statement, Revolut said it already has licences from the central bank for operating as a category-II authorised money exchange dealer, issuing forex cards and offering cross-border payment services in the country.
It received an in-principle approval from the RBI for PPI licence last year.
“We are excited to build on our existing licenses, and launch our domestic PPI product in India, alongside our international multi-currency card,” said Revolut India CEO Paroma Chatterjee.
Founded in 2015 by Nik Storonsky and Vlad Yatsenko, Revolut offers various financial products such as cards, personal and business accounts, payments solutions, and also acts as a payment gateway platform.
It claims to be serving 50 Mn personal users in the US and Europe and 500K business users via its platform.
The company entered India in 2021. With the PPI licence, it will lock horns with homegrown PPI issuers like MobiKwik, Scapia, and Jupiter.
According to the data available on Revolut’s website, it posted a revenue of $2.2 Bn in 2023 and a profit before tax of $545 Mn. The startup has raised more than $1 Bn in total funding since its inception.
According to reports, Revolut is looking to target the top 10%-15% consumers in India who are international travellers.
The latest development comes at a time when major domestic fintech players like PhonePe, Paytm, BharatPe, among others, are working on super app strategy to offer various services like payments, wealthtech, insurance, and many more.
Behind Revolut’s India plans is the country’s rapidly-growing fintech market, which is poised to become a $2.1 Tn opportunity by 2030, according to Inc42’s fintech landscape report 2024.
