Revolut gets RBI nod for PPIs, wallets

British fintech main Revolut has obtained the ultimate authorisation from the Reserve Financial institution of India (RBI) to subject Pay as you go Cost Devices (PPIs), together with pay as you go playing cards and digital wallets with Unified Payments Interface (UPI) integration.

The total authorisation is available in lower than a 12 months after Revolut obtained in-principle approval from the RBI to issue mobile wallets in April 2024, enabling the corporate to now function as a home funds supplier in India.

Revolut India already holds licences to perform as a Class-II Authorised Cash Change Seller (AD-II), and to supply multi-currency foreign exchange playing cards and cross-border remittance companies.

With the PPI licence in place, Revolut can now supply each worldwide and home cost options underneath one platform in India. By means of its cellular pockets product, Revolut may even have the ability to supply UPI cost companies to its Indian prospects.

“We’re excited to construct on our present licenses, and launch our home PPI product in India, alongside our worldwide multi-currency card. Our imaginative and prescient is to make each cost on the platform extra handy, clear and cost-effective, with our best-in-class product expertise for our prospects,” stated Paroma Chatterjee, CEO, Revolut India.

This transfer positions Revolut to compete in India’s crowded digital payments market, which is dominated by gamers like PhonePe, Google Pay, Paytm, and conventional banks. The home PPI approval offers it the chance to onboard Indian customers for native transactions, together with UPI—a key cost mode within the nation.

Based within the UK in 2015, Revolut has over 50 million prospects globally and was valued at $45 billion in 2024. It stated that its companies are being utilized by prospects in over 38 nations. As a part of its enlargement past the UK and European Financial Space, Revolut launched in Brazil in 2023 and in addition obtained a banking licence in Mexico in 2024.Revolut, one of many first main UK fintech companies to arrange a big base in India, considers India a key a part of its technique to double its international buyer base to 100 million.

“We’re dedicated to offering revolutionary and accessible monetary companies that enhance the lives of everybody who makes use of Revolut. We recognize the RBI demonstrating confidence in our skill to do the identical in India as effectively,” stated Nik Storonsky, cofounder and CEO, Revolut.