Following this announcement, Revolut will have the possibility to issue Prepaid Payment Instruments (PPIs), including prepaid cards and digital wallets with the Unified Payments Interface (UPI) integration.
This authorisation will enable the company to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the local industry as well. At the moment, Revolut already holds licenses to operate as a Category-II Authorized Money Exchange Dealer and offer multi-currency forex cards and cross-border remittance services.
With this new licence, Revolut will be enabled to offer both international and domestic payment solutions through the use of a single platform in India. The firm will also deliver UPI payment services to its Indian customers through its mobile wallet product, aiming to compete in the country’s crowded digital payments market.
According to officials of the company, Revolut will continue to focus on making payments on its platform more convenient, transparent, and cost-effective. As the firm expects to launch its domestic PPI product in India, in addition to its international multi-currency card, Revolut also aims to improve the lives of its customers and make their experience more secure and efficient.
At the same time, the move represents an important step in Revolut’s expansion beyond the region of the UK and EEA, as well as in accelerating its development process in an ever-evolving digital landscape.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now