UK fintech firm Revolut opens India waitlist for digital payments

UK fintech Revolut has opened a waitlist to roll out digital payment services in India.

According to an X post on March 2, by Max Karpis, who claims to be an early investor, Revolut will launch an INR-only prepaid wallet with UPI integration and Visa cards for domestic and international use.

The wallet will support peer-to-peer transfers, merchant payments, budgeting tools, and UPI transfers via QR codes, phone numbers, and contacts, subject to NPCI limits, plus recurring payments and biometric authentication.

Karpis outlined a tiered pricing model with a free Standard plan offering two free domestic ATM withdrawals monthly, and paid tiers starting at 499 rupees (US$5,43) per annum, exclusive of taxes, with higher tiers at 2,499 rupees (US$27,21) and 9,999 rupees (US$108,84).

Revolut has committed over US$669 million for its India expansion between 2025 and 2030, aiming to onboard 20 million customers by 2030 from a potential 150 million market.

🔗 Source: The Economic Times

🧠 Food for thought

Implications, context, and why it matters.

The launch rests on years of regulatory groundwork

Revolut’s move into India comes after several years of planning and regulatory work.
The company secured a full Prepaid Payment Instruments (PPI) license from the Reserve Bank of India. This approval allows it to issue prepaid wallets and cards, plus enable UPI payments 1.
The 2022 acquisition of Arvog Forex helped Revolut obtain a licence and provide remittance and multi-currency account services in India 2.
Revolut has put $45 million into India to localize its technology stack and meet the country’s data sovereignty regulations. The spending started well before the waitlist opened 2.

Revolut’s profits back a long-term India plan

Revolut is expanding into India with steady finances, posting a $1.4 billion profit before tax in 2024 3.
That profit base supports wider growth, with India expected to help reach 100 million global users 1.
The plan avoids the high-volume, low-engagement approach seen across parts of India’s fintech market.
A mandatory full Know Your Customer (KYC) process aims to bring in “high-intent customers.” Performance will be judged through profitability and user engagement rather than download counts 2.