UK fintech giant Revolut has been granted full approval by the Reserve Bank of India (RBI) to issue prepaid payment instruments (PPI), such as digital wallets and prepaid cards with India’s Unified Payments Interface (UPI). The RBI approval in April 2025 allows Revolut to function as a domestic payment provider in India’s fast-expanding digital economy, providing both local and cross-border financial services under one roof.
The license, which was obtained less than a year after Revolut got in-principle approval in April 2024, makes the company a contender to compete with well-established players such as PhonePe, Google Pay, and Paytm. Revolut’s mobile wallet will now enable UPI transactions, enabling customers to transfer funds instantly between banks, merchants, and peer-to-peer networks. Paroma Chatterjee, Revolut India CEO, underscored the company’s focus on providing “convenient, transparent, and cost-effective” solutions, aligning with India’s drive for seamless digital payments.
Revolut India already possesses licenses in the form of a Category-II Authorised Money Exchange Dealer (AD II) that allows multi-currency forex cards and cross-border remittances. The new PPI license helps the fintech giant integrate international services with domestic UPI payments, targeting India’s tech-savvy consumers and frequent travelers. Integrating UPI—a system that handles more than 14 billion monthly transactions—will help Revolut provide real-time payments, bill settlements, and merchant transactions through its app.
Internationally, Revolut has more than 50 million customers in 38 countries and reached a valuation of $45 billion in 2024. Its push into India is an important part of its plan to double its user base to 100 million, riding on India’s $2.1 trillion digital payments opportunity estimated by 2030. Revolut will target India’s best 10%-15% consumers, especially those looking for hassle-free cross-border and domestic payment options.
The RBI approval is a testament to Revolut’s compliance culture and potential to innovate in India’s regulatory environment. With the integration of UPI, Revolut seeks to follow suit with homegrown apps while standing out with features such as low-fee international remittances and real-time spend tracking. The innovation fills the gap between global financial services and India’s domestic payment ecosystem, making the experience more accessible for both users and merchants.
As Revolut launches its local PPI products, analysts point to its ability to shake up India’s fintech sector by marrying global expertise with hyper-localized services. The move is in line with India’s vision to widen digital financial inclusion and places Revolut at the forefront of the country’s transition to a cashless economy.
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