Revolut Secures RBI Licence To Issue Prepaid Cards & Wallets

Revolut Secures RBI Licence To Issue Prepaid Cards & Wallets. Revolut, the UK-headquartered financial technology giant known for disrupting traditional banking with digital-first services, has achieved a breakthrough in its India journey. In April 2025, the Reserve Bank of India (RBI) granted final authorization to Revolut India to issue Prepaid Payment Instruments (PPIs), which include prepaid cards and digital wallets integrated with the Unified Payments Interface (UPI). This approval marks a transformative step in Revolut’s entry into the Indian digital payments market. With the RBI license in hand, Revolut is now poised to deliver seamless domestic and international payment services through one unified platform, signaling its readiness to compete with major Indian fintech players.
Revolut's Global Journey and Fintech Credentials Since 2015
Founded in 2015 by Nikolay Storonsky and Vlad Yatsenko, Revolut quickly rose to prominence as a challenger bank offering a host of modern financial services. These include currency exchange, global remittances, cryptocurrency and stock trading, budgeting tools, and travel-focused payment solutions. What began as a digital alternative to traditional banking has grown into a global financial platform serving more than 40 million customers across more than 35 countries. Revolut's expansion is driven by its core philosophy: making financial services more inclusive, affordable, and user-friendly. Its robust digital infrastructure and commitment to innovation make it a trusted brand among tech-savvy users worldwide.
How Revolut Entered and Strengthened Its Presence in the Indian Fintech Market?
Revolut initiated its Indian operations in 2021 with a clear strategy to tap into one of the world’s fastest-growing fintech ecosystems. Recognizing India’s increasing digital adoption and the rising demand for cross-border payments, Revolut set up a technology hub in the country to build and adapt its financial products for Indian users. In April 2024, Revolut received in-principle approval from the RBI to operate as a PPI issuer. This approval was crucial, laying the foundation for issuing wallets and prepaid instruments. With the full and final authorization granted in April 2025, Revolut has completed a key regulatory requirement, officially enabling it to issue UPI-linked prepaid cards and digital wallets for Indian consumers and businesses.
What the RBI PPI License Means for Revolut and Indian Consumers?
By obtaining the PPI license, Revolut gains the right to issue prepaid cards and mobile wallets to Indian users. More importantly, the integration of these wallets with UPI means that users can now perform real-time fund transfers between bank accounts and wallets. UPI has revolutionized the Indian payment system with its ease of use, zero-cost model, and widespread acceptance across merchants, service providers, and users. The inclusion of UPI functionality allows Revolut to provide the same instant and seamless payment experience that Indian consumers are already accustomed to. This license positions Revolut as a full-fledged domestic payments provider capable of supporting digital transactions across both local and international channels.
How Revolut’s Existing Financial Licenses Strengthen Its Multi-Product Offering in India?
Before receiving the PPI license, Revolut India had already secured licenses to operate as a Category-II Authorized Money Exchange Dealer (AD-II). This enabled the company to offer services such as currency conversion, multi-currency forex cards, and cross-border remittances. These offerings primarily catered to frequent travelers, international students, and businesses engaging in global commerce. With the addition of the PPI license, Revolut can now consolidate its services into one powerful app—allowing users to perform both international and domestic transactions seamlessly. The integration of prepaid wallets and UPI transfers with existing forex services enhances the overall product suite, turning Revolut into a one-stop financial solution tailored for Indian consumers.
Strategic Impact of the RBI License on Revolut’s Vision for India and Beyond
Revolut’s latest move aligns with its broader global strategy to reduce overdependence on its European markets and diversify its user base by expanding into high-growth regions. India, with its massive young population, increasing smartphone usage, and proactive regulatory reforms, presents a unique opportunity for digital payment providers. The fintech ecosystem in India is expected to cross $150 billion in market size in the coming years, and Revolut wants a significant share of this pie. By offering a blend of local payment solutions and international financial services, Revolut plans to serve the growing segment of Indians with cross-border needs—be it for travel, remittances, or global investments. This dual advantage sets Revolut apart from many local competitors focused mainly on domestic transactions.
Competing in India’s Fintech Space
Digital payments industry in India is both vast and highly competitive, with well-established players such as Paytm, PhonePe, and Google Pay already holding major market shares. These platforms have gained user trust through early adoption, cashbacks, and integration with multiple utility services. Revolut, while new to the domestic payments scene, plans to differentiate itself by offering superior user experiences, lower transaction fees, innovative tools for budgeting and savings, and most importantly, international connectivity. For example, a Revolut customer can manage local UPI transactions and international forex payments from the same app—an offering not yet common among Indian fintech players. Its global technology backbone and experience in international compliance also give it an edge in security and scalability.
Key Regulatory Challenges for Revolut and How It Plans to Address Them in India
Operating in India requires a thorough understanding of regulatory expectations and compliance with strict guidelines, especially in the financial sector. The RBI has mandated data localization, requiring that all payments-related data be stored within Indian servers. Additionally, there are rules concerning customer verification (KYC), wallet loading limits, and transaction monitoring. For a foreign fintech company like Revolut, adapting to these regulatory norms can be complex. However, the company has already demonstrated its intent to align with Indian laws by setting up a dedicated compliance and legal team in India, securing required licenses in advance, and building infrastructure to host data locally. These proactive steps reflect Revolut’s seriousness about building a long-term presence in India.
What Indian Consumers Can Expect from Revolut's Domestic Product Launch?
Indian users can expect a sleek and user-friendly financial platform that offers digital wallets, UPI payments, prepaid cards, and cross-border remittance tools—all in one app. Revolut’s existing global customers already benefit from real-time currency exchange, virtual cards for online security, investment tools, and detailed expense tracking. These features are likely to be localized for the Indian audience. The company is expected to roll out its PPI offerings in phased launches across major Indian cities, targeting urban millennials, travelers, gig economy workers, and young professionals who prefer digital-first financial solutions. Over time, Revolut may also introduce features like insurance, credit, and wealth management services, building a full ecosystem of digital finance.
Long-Term Vision and Revolut’s Growth Strategy for India
With its newly granted PPI license and existing remittance services, Revolut’s immediate focus is on launching domestic products that enhance user convenience and trust. In the medium to long term, the company aims to onboard millions of users and integrate with a wide range of merchants, billers, and financial institutions. Strategic partnerships with Indian banks and tech companies may also be on the horizon. Revolut’s ultimate vision is to become India’s go-to app for both local and international financial transactions. With increasing digital adoption, rising demand for international spending tools, and RBI’s push for fintech innovation, the timing seems perfect for Revolut’s expansion plans in India.
Conclusion
Revolut’s RBI approval to issue prepaid cards and wallets integrated with UPI is more than just a regulatory clearance—it’s a strategic entry into one of the world’s most dynamic digital economies. With a combination of international experience, local compliance, and a vision for financial inclusion, Revolut is well-prepared to offer unique solutions to Indian users. As the digital payments landscape continues to evolve, Revolut’s approach of integrating domestic and global services could make it a preferred financial platform for the next generation of Indian consumers.
FAQs
Q1. What is the significance of Revolut obtaining the RBI license in India, and what services can they now offer? 
Ans. The RBI license allows Revolut to issue Prepaid Payment Instruments (PPIs), including prepaid cards and digital wallets, with Unified Payments Interface (UPI) integration. This enables them to operate as a domestic payments provider, offering both international and domestic payment solutions on a single platform, significantly enhancing convenience for Indian consumers.
Q2. How does Revolut plan to compete with existing major players in the Indian fintech market, such as Paytm and PhonePe? 
Ans. Revolut aims to differentiate itself by offering unique value propositions like enhanced user experience, competitive fees, and innovative features. A key differentiator is the integration of international payment solutions, appealing to consumers with cross-border financial needs.
Q3. What existing licenses did Revolut hold in India before receiving the PPI license, and how does this new license complement their services? 
Ans. Prior to the PPI license, Revolut India held licenses to operate as a Category-II Authorized Money Exchange Dealer (AD-II), offering multi-currency forex cards and cross-border remittance services. The PPI license complements these services by allowing Revolut to provide a holistic suite of financial products tailored to the needs of Indian consumers, including domestic digital wallets and prepaid cards.
Q4. What are the potential challenges Revolut might face in the Indian market, particularly concerning regulatory compliance? 
Ans. Navigating India's complex regulatory landscape, including data localization norms and compliance with the RBI's guidelines, poses significant challenges. Revolut's success hinges on its ability to maintain strict adherence to these regulations.
Q5. What are Revolut's future plans for its operations in India, and how does it aim to establish a strong presence in the digital payments ecosystem? 
Ans. Revolut plans to launch its domestic PPI products in India, alongside its international multi-currency card, aiming to make payments more convenient, transparent, and cost-effective. By leveraging its global expertise and adapting to local market dynamics, Revolut aims to establish a significant presence in India's rapidly growing digital payments sector.

Revolut, the UK-headquartered financial technology giant known for disrupting traditional banking with digital-first services, has achieved a breakthrough in its India journey. In April 2025, the Reserve Bank of India (RBI) granted final authorization to Revolut India to issue Prepaid Payment Instruments (PPIs), which include prepaid cards and digital wallets integrated with the Unified Payments Interface (UPI). This approval marks a transformative step in Revolut’s entry into the Indian digital payments market. With the RBI license in hand, Revolut is now poised to deliver seamless domestic and international payment services through one unified platform, signaling its readiness to compete with major Indian fintech players.

Revolut's Global Journey and Fintech Credentials Since 2015

Founded in 2015 by Nikolay Storonsky and Vlad Yatsenko, Revolut quickly rose to prominence as a challenger bank offering a host of modern financial services. These include currency exchange, global remittances, cryptocurrency and stock trading, budgeting tools, and travel-focused payment solutions. What began as a digital alternative to traditional banking has grown into a global financial platform serving more than 40 million customers across more than 35 countries. Revolut's expansion is driven by its core philosophy: making financial services more inclusive, affordable, and user-friendly. Its robust digital infrastructure and commitment to innovation make it a trusted brand among tech-savvy users worldwide.

How Revolut Entered and Strengthened Its Presence in the Indian Fintech Market?

Revolut initiated its Indian operations in 2021 with a clear strategy to tap into one of the world’s fastest-growing fintech ecosystems. Recognizing India’s increasing digital adoption and the rising demand for cross-border payments, Revolut set up a technology hub in the country to build and adapt its financial products for Indian users. In April 2024, Revolut received in-principle approval from the RBI to operate as a PPI issuer. This approval was crucial, laying the foundation for issuing wallets and prepaid instruments. With the full and final authorization granted in April 2025, Revolut has completed a key regulatory requirement, officially enabling it to issue UPI-linked prepaid cards and digital wallets for Indian consumers and businesses.

What the RBI PPI License Means for Revolut and Indian Consumers?

By obtaining the PPI license, Revolut gains the right to issue prepaid cards and mobile wallets to Indian users. More importantly, the integration of these wallets with UPI means that users can now perform real-time fund transfers between bank accounts and wallets. UPI has revolutionized the Indian payment system with its ease of use, zero-cost model, and widespread acceptance across merchants, service providers, and users. The inclusion of UPI functionality allows Revolut to provide the same instant and seamless payment experience that Indian consumers are already accustomed to. This license positions Revolut as a full-fledged domestic payments provider capable of supporting digital transactions across both local and international channels.

How Revolut’s Existing Financial Licenses Strengthen Its Multi-Product Offering in India?

Before receiving the PPI license, Revolut India had already secured licenses to operate as a Category-II Authorized Money Exchange Dealer (AD-II). This enabled the company to offer services such as currency conversion, multi-currency forex cards, and cross-border remittances. These offerings primarily catered to frequent travelers, international students, and businesses engaging in global commerce. With the addition of the PPI license, Revolut can now consolidate its services into one powerful app—allowing users to perform both international and domestic transactions seamlessly. The integration of prepaid wallets and UPI transfers with existing forex services enhances the overall product suite, turning Revolut into a one-stop financial solution tailored for Indian consumers.

Strategic Impact of the RBI License on Revolut’s Vision for India and Beyond

Revolut’s latest move aligns with its broader global strategy to reduce overdependence on its European markets and diversify its user base by expanding into high-growth regions. India, with its massive young population, increasing smartphone usage, and proactive regulatory reforms, presents a unique opportunity for digital payment providers. The fintech ecosystem in India is expected to cross $150 billion in market size in the coming years, and Revolut wants a significant share of this pie. By offering a blend of local payment solutions and international financial services, Revolut plans to serve the growing segment of Indians with cross-border needs—be it for travel, remittances, or global investments. This dual advantage sets Revolut apart from many local competitors focused mainly on domestic transactions.

Competing in India’s Fintech Space

Digital payments industry in India is both vast and highly competitive, with well-established players such as Paytm, PhonePe, and Google Pay already holding major market shares. These platforms have gained user trust through early adoption, cashbacks, and integration with multiple utility services. Revolut, while new to the domestic payments scene, plans to differentiate itself by offering superior user experiences, lower transaction fees, innovative tools for budgeting and savings, and most importantly, international connectivity. For example, a Revolut customer can manage local UPI transactions and international forex payments from the same app—an offering not yet common among Indian fintech players. Its global technology backbone and experience in international compliance also give it an edge in security and scalability.

Key Regulatory Challenges for Revolut and How It Plans to Address Them in India

Operating in India requires a thorough understanding of regulatory expectations and compliance with strict guidelines, especially in the financial sector. The RBI has mandated data localization, requiring that all payments-related data be stored within Indian servers. Additionally, there are rules concerning customer verification (KYC), wallet loading limits, and transaction monitoring. For a foreign fintech company like Revolut, adapting to these regulatory norms can be complex. However, the company has already demonstrated its intent to align with Indian laws by setting up a dedicated compliance and legal team in India, securing required licenses in advance, and building infrastructure to host data locally. These proactive steps reflect Revolut’s seriousness about building a long-term presence in India.

What Indian Consumers Can Expect from Revolut's Domestic Product Launch?

Indian users can expect a sleek and user-friendly financial platform that offers digital wallets, UPI payments, prepaid cards, and cross-border remittance tools—all in one app. Revolut’s existing global customers already benefit from real-time currency exchange, virtual cards for online security, investment tools, and detailed expense tracking. These features are likely to be localized for the Indian audience. The company is expected to roll out its PPI offerings in phased launches across major Indian cities, targeting urban millennials, travelers, gig economy workers, and young professionals who prefer digital-first financial solutions. Over time, Revolut may also introduce features like insurance, credit, and wealth management services, building a full ecosystem of digital finance.

Long-Term Vision and Revolut’s Growth Strategy for India

With its newly granted PPI license and existing remittance services, Revolut’s immediate focus is on launching domestic products that enhance user convenience and trust. In the medium to long term, the company aims to onboard millions of users and integrate with a wide range of merchants, billers, and financial institutions. Strategic partnerships with Indian banks and tech companies may also be on the horizon. Revolut’s ultimate vision is to become India’s go-to app for both local and international financial transactions. With increasing digital adoption, rising demand for international spending tools, and RBI’s push for fintech innovation, the timing seems perfect for Revolut’s expansion plans in India.

Conclusion

Revolut’s RBI approval to issue prepaid cards and wallets integrated with UPI is more than just a regulatory clearance—it’s a strategic entry into one of the world’s most dynamic digital economies. With a combination of international experience, local compliance, and a vision for financial inclusion, Revolut is well-prepared to offer unique solutions to Indian users. As the digital payments landscape continues to evolve, Revolut’s approach of integrating domestic and global services could make it a preferred financial platform for the next generation of Indian consumers.

FAQs

Q1. What is the significance of Revolut obtaining the RBI license in India, and what services can they now offer?

Ans. The RBI license allows Revolut to issue Prepaid Payment Instruments (PPIs), including prepaid cards and digital wallets, with Unified Payments Interface (UPI) integration. This enables them to operate as a domestic payments provider, offering both international and domestic payment solutions on a single platform, significantly enhancing convenience for Indian consumers.

Q2. How does Revolut plan to compete with existing major players in the Indian fintech market, such as Paytm and PhonePe?

Ans. Revolut aims to differentiate itself by offering unique value propositions like enhanced user experience, competitive fees, and innovative features. A key differentiator is the integration of international payment solutions, appealing to consumers with cross-border financial needs.

Q3. What existing licenses did Revolut hold in India before receiving the PPI license, and how does this new license complement their services?

Ans. Prior to the PPI license, Revolut India held licenses to operate as a Category-II Authorized Money Exchange Dealer (AD-II), offering multi-currency forex cards and cross-border remittance services. The PPI license complements these services by allowing Revolut to provide a holistic suite of financial products tailored to the needs of Indian consumers, including domestic digital wallets and prepaid cards.

Q4. What are the potential challenges Revolut might face in the Indian market, particularly concerning regulatory compliance?

Ans. Navigating India's complex regulatory landscape, including data localization norms and compliance with the RBI's guidelines, poses significant challenges. Revolut's success hinges on its ability to maintain strict adherence to these regulations.

Q5. What are Revolut's future plans for its operations in India, and how does it aim to establish a strong presence in the digital payments ecosystem?

Ans. Revolut plans to launch its domestic PPI products in India, alongside its international multi-currency card, aiming to make payments more convenient, transparent, and cost-effective. By leveraging its global expertise and adapting to local market dynamics, Revolut aims to establish a significant presence in India's rapidly growing digital payments sector.