UK-based fintech company, Revolut, has received full approval from the Reserve Bank of India (RBI) to issue Prepaid Payment Instruments (PPI), including digital wallets and prepaid cards integrated with India’s Unified Payments Interface (UPI). The approval, granted in April 2025, enables Revolut to operate as a domestic payment provider in India’s rapidly growing digital economy.
The license—granted less than a year after Revolut secured in-principle approval in April 2024—marks a significant milestone in the company’s global expansion strategy. With this authorisation, Revolut joins the ranks of leading Indian payment platforms like PhonePe, Google Pay and Paytm, offering mobile wallet services that facilitate instant UPI transactions between banks, merchants and individuals.
Paroma Chatterjee, CEO of Revolut India, emphasised the company’s focus on delivering “convenient, transparent and cost-effective” payment experiences in alignment with India’s vision for seamless, digital financial inclusion.
The company already holds a Category-II Authorised Money Exchange Dealer (AD II) license in India, allowing it to offer multi-currency forex cards and cross-border remittance services. The new PPI license empowers Revolut to combine these international offerings with domestic UPI capabilities, catering to India’s tech-savvy population and frequent travelers with an all-in-one digital solution.
As UPI continues to dominate the Indian payments landscape—handling over 14 billion transactions per month—Revolut’s integration of this real-time payment system will enable functionalities such as bill payments, peer-to-peer transfers and merchant settlements directly within its app.
Globally, Revolut boasts over 50 million customers across 38 countries and was valued at $45 billion in 2024. Its foray into India is a key move in its mission to double its user base to 100 million, tapping into the country’s projected $2.1 trillion digital payments market by 2030. The company will primarily target India’s top 10–15 per cent of consumers, offering frictionless domestic and international financial solutions.
Industry analysts believe this move positions Revolut as a potential disruptor in India’s fintech ecosystem, leveraging its global experience and regulatory compliance to introduce localised, innovative services. Features such as low-cost remittances, real-time spend tracking and seamless UPI integrations are expected to appeal to both individual users and merchants.
With RBI’s green light, Revolut is now set to launch its suite of local PPI products, reinforcing India’s push towards a cashless, digitally inclusive financial future.
