UK fintech Revolut enters India with UPI and Visa partnerships
What's the story
London-based digital finance company, Revolut, has announced its plan to launch a payment platform in India. This will be the company's first entry into one of the world's biggest digital payments markets. The move is part of Revolut's broader global expansion strategy. The platform will allow Indian users to make domestic and international payments through partnerships with Unified Payments Interface (UPI) and Visa.
User base
Payment platform to be available for waitlisted customers initially
Revolut's payment platform in India will initially be available to 350,000 waitlisted customers later this year. After the initial phase, it will be opened to other users. The company has set an ambitious target of signing up 20 million customers by 2030. This aggressive goal shows Revolut's confidence in India's digital payment market potential and its own service offerings.
Investment details
Investment in localizing technology
Revolut has invested over £40 million (approximately ₹400 crore) in localizing its technology to comply with India's data sovereignty rules. This is the only market where Revolut has made such an investment, a company spokesperson said. The move highlights the company's commitment to meeting local regulations and providing a secure platform for its Indian customers.