TLDRs;
- Revolut enters India with UPI and Visa partnerships, targeting 20 million users by 2030.
- Cross-border fees have cost Indians $600 million annually ,Revolut plans to eliminate them.
- The fintech has secured RBI licenses and invested £40 million to localize its technology.
- Full-KYC onboarding and same-day remittances aim to attract high-value, globally minded users.
Revolut, the London-based financial technology powerhouse, is officially setting foot in India with a mission to redefine how Indians move money, both at home and abroad.
The UK fintech firm has announced the launch of its India payments platform, enabling users to make seamless domestic and international transactions through strategic partnerships with Visa and India’s Unified Payments Interface (UPI).
With over 350,000 Indians already on its waitlist, Revolut plans to onboard users later this year before opening its doors to the general public. This marks the company’s first major expansion into one of the world’s fastest-growing digital payments markets, and its boldest bet on Asia yet.
Tackling India’s “Criminal” Forex Fees
According to Paroma Chatterjee, CEO of Revolut India, the company’s mission goes beyond convenience, it’s about fairness.
She describes India’s current cross-border payment landscape as “one of the most underserved financial services sectors,” estimating that Indians collectively lose about $600 million every year in bank charges while spending $30 billion overseas.
“It has been the preserve of banks,” Chatterjee said. “People either withdraw foreign exchange from their banks or use travel cards with hidden charges. These costs are humongous and frankly, criminal.”
To address this, Revolut is introducing a multi-currency Visa card and UPI-enabled prepaid wallets designed to eliminate hidden forex fees. Customers will have the ability to transact internationally at near real exchange rates, without relying on intermediaries that inflate costs.
Building a Full-Stack Fintech Experience
Revolut’s entry follows years of groundwork and regulatory preparation. Since 2021, the company has been building its Indian presence, acquiring Arvog Forex in 2022 to secure the necessary licenses for remittance and foreign exchange services.
In 2025, it obtained a Prepaid Payment Instrument (PPI) license from the Reserve Bank of India, allowing it to issue prepaid cards, digital wallets, and integrate with UPI.
Armed with these licenses, Revolut plans to roll out an extensive suite of financial tools, including domestic and international Visa cards, kids and teens accounts, budgeting features, and spending analytics. The fintech will also support same-day international remittances through local bank partnerships, positioning itself as a direct competitor to both traditional banks and digital-first rivals like Niyo, Fi, and BookMyForex.
Unlike many Indian fintech firms that offer low-value, limited services through minimal KYC (Know Your Customer) checks, Revolut will implement full-KYC verification. This includes Aadhaar and video-based identity validation, ensuring security and compliance while targeting what it calls “high-intent users.”
Betting Big on India’s Digital Future
Revolut’s ambitions are anything but modest. The firm aims to reach 20 million Indian users by 2030, capturing the attention of digitally savvy, globally connected Indians aged 25 to 45.
To power this expansion, the company has invested over £40 million ($53 million) in localizing its technology to comply with India’s data sovereignty rules, its largest market-specific investment to date.
India is also home to 3,500 of Revolut’s 10,000 employees worldwide, making it the fintech’s biggest workforce hub, even surpassing the UK. The company has already infused $45 million to build out infrastructure and is reportedly exploring additional partnerships with RuPay, India’s domestic card network, to offer users more payment options.
