Revolut Gains Full Licence for Indian Payment Services
Hey Digital Banking Fanatic!
Revolut now has the green light from the Reserve Bank of India (RBI) to issue Prepaid Payment Instruments (PPIs). The license clears the way for prepaid cards, digital wallets, and access to UPI — the world’s most used instant payments system — across India.
With this license, Revolut can now bring both international and domestic payments together on a single platform. For Indian users, it means they can use Revolut not only for travel and remittances but also for everyday local transactions.
“We are excited to build on our existing licenses and launch our domestic PPI product in India, alongside our international multi-currency card. Our vision is to make every payment on the platform more convenient, transparent and cost-effective, with our best-in-class product experience for our customers,” said Paroma Chatterjee, CEO, Revolut India.
Revolut’s journey in India started in 2022, when it received its first RBI licence to operate as a Category-II Authorised Money Exchange Dealer, allowing the company to offer FX cards and cross-border remittances.
Last year, Revolut moved one step closer to the Indian payments ecosystem with in-principle approval for mobile wallets. This new announcement marks the completion of that process, opening the door for Revolut to fully participate in India’s fast-moving digital economy.
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