British fintech giant Revolut has officially launched in India, targeting what it describes as one of the country’s most underserved financial sectors — cross-border payments. According to the firm, Indians spend about $30 billion abroad each year and lose roughly $600 million in bank charges. Revolut India CEO, Paroma Chatterjee, described these fees as “criminal,” emphasizing that the market has long been dominated by traditional banks. To address this, Revolut aims to provide Indians with low-cost, transparent alternatives for remittances and overseas transactions.
After years of preparation, Revolut secured key regulatory approvals including the acquisition of Arvog Forex for its license and a Prepaid Payment Instrument (PPI) license from the Reserve Bank of India in April. These approvals enable it to issue prepaid cards, support digital wallets, and integrate with India’s Unified Payments Interface (UPI). The fintech’s India operations will target over 150 million “digitally native” Indians aged 25–45, with a goal to reach 20 million users by 2030 and process $7 billion in transactions. Its services will include domestic and international Visa cards, multi-currency wallets, and even dedicated accounts for children and teens linked to parental supervision.
Revolut’s India offering stands out for its full-KYC compliance, requiring thorough identity verification and checks against global sanctions lists, including those from the UN and U.S. Office of Foreign Assets Control. Chatterjee said this approach is designed to attract “high-intent” customers who value security and trust. The company also plans to measure its success by engagement and profitability rather than downloads, noting that curiosity alone often drives app installations in India. Revolut’s global model — 65 million customers generating $4 billion in transactions monthly and over $1 billion in profit — underscores its focus on depth of use over volume.
To localize its technology and comply with India’s data sovereignty rules, Revolut has already invested $45 million and deployed 3,500 employees in India, its largest workforce globally. It is also exploring partnerships beyond Visa, including RuPay, to expand user options. Despite strong competition from local players like Niyo, Scapia, Fi, and BookMyForex, Revolut’s comprehensive regulatory groundwork and global expertise position it to disrupt India’s high-cost foreign exchange and cross-border payment landscape.