Revolut India obtains PPI licence from RBI

Friday 12 April 2024 13:33 CET | News

UK-based fintech company Revolut has obtained an in-principal authorisation from the Reserve Bank of India (RBI) to issue Prepaid Payment Instruments (PPI) in the region. 

As per the information detailed in the press release, Revolut received the in-principal authorisation from RBI, allowing the fintech to issue PPI, including prepaid cards and prepaid wallets in India. Through this, the company can operate as a domestic player in the region. The current announcement follows Revolut’s existing licences in India, with the company having obtained from RBI the ability to operate as a Category-II Authorised Money Exchange Dealer (AD II) and to provide multi-currency forex cards and cross-border remittance services.

UK-based fintech company Revolut has obtained an in-principal authorisation from the Reserve Bank of India (RBI) to issue Prepaid Payment Instruments (PPI) in the region.

Revolut’s development across India

By receiving the PPI licence, Revolut was enabled to deliver customers both international and domestic payment solutions on a single platform, improving the company’s strategic position across India. The fintech works towards democratising access to digital financial services and improving financial inclusion globally. Following its worldwide objective of becoming a full financial services platform, Revolut aims to launch a suite of digital-first money management solutions for all Indian customers. This is set to enable them to receive a simplified, convenient, and secure experience to managing their finances, including payments, and remittances, among others, both locally and internationally.

According to Revolut India’s officials, compliance with regulatory requirements represents a priority for the company and, at the time of the announcement, India is the only market where Revolut undertook the task of localising the entire tech-stack to comply with regulations. Representatives underlined their enthusiasm over being able to provide the Revolut experience to Indian customers in the upcoming period, with the company having nearly 175,000 prospective users in its waitlist. Revolut is committed to improving the overall money management process, while also advancing its operations across the region.

Furthermore, Revolut has been preparing for its entry in India, collaborating with the RBI since 2022. The current licence and the prior approvals support the company’s mission, with India being a market where the company is working on providing a localised version of its app. At the moment, the app is lice and undergoing internal testing with employees. Revolut plans to launch the app externally in the upcoming period. Additionally, officials underlined that the launch in India is set to advance Revolut’s mission of developing a borderless economy, while also improving the fintech sector in the region.

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Keywords: payments , mobile payments, financial inclusion, local payment method, cross-border payments
Categories: Banking & Fintech
Companies: Reserve Bank of India, Revolut
Countries: India
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Banking & Fintech

Reserve Bank of India



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