🐘 India 🇮🇳: Revolut receives approval from the Central Bank (RBI) to launch payment interfaces and digital wallets

🐘 India 🇮🇳: Revolut receives approval from the Central Bank (RBI) to launch payment interfaces and digital wallets

A year ago, the British-Lithuanian fintech giant obtained preliminary approval, which has now been confirmed as final.

➡️ Previously: The PPI (Prepaid Payment Instrument) license allowed it to operate as a Category II authorized forex dealer, offering multicurrency forex cards and cross-border transfer services.

➡️ Now: Revolut can launch its own local payment solutions and UPI (Unified Payments Interface) services through its proprietary mobile wallet. This step positions it to compete in India’s well-established digital payments market, currently led by PhonePe, Google Pay, Paytm, and traditional banks.

➡️ Global projection: India is considered a key part of Revolut’s strategy to double its global user base to 100 million.

➡️ Context: Given its operations in Brazil 🇧🇷 and the acquisition of a banking license in Mexico 🇲🇽 in 2024, this move aligns with Revolut’s international expansion goals.
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