By Mr. Abhay Ray 
Introduction
UK-based Fintech “Revolut” said it has received full authorisation from the Reserve Bank of India (RBI) to issue prepaid payment instruments (PPI) like prepaid cards and prepaid wallets with UPI payments.This approval allows Revolut to expand its diverse financial product offerings in India, including cards, personal and business accounts, and payment solutions.
Revolut’s Big Move in India: Full PPI License Secured
Revolut, the UK-based fintech company, has received approval from the Reserve Bank of India (RBI) to issue prepaid cards and provide wallet services in the country. This development marks a significant step in Revolut’s expansion into the Indian market, allowing it to offer a broader range of financial services to Indian consumers.With the RBI license, Revolut will be able to provide Indian users with prepaid cards and digital wallets, enabling seamless transactions both locally and internationally. The move is expected to strengthen Revolut’s position in India, a rapidly growing market for digital payments and financial services.
The approval also highlights Revolut’s commitment to adhering to Indian regulatory standards, which is a critical factor for foreign financial institutions looking to enter the Indian market. Revolut’s entry into the prepaid card and wallet sector in India is likely to increase competition in the digital payment space, offering consumers more options and convenience in managing their finances. I just saw an exciting LinkedIn post from the CEO of Revolut India. They’ve reached a major milestone. The Reserve Bank of India (RBI) has granted them full authorization for Prepaid Payment Instruments (PPI). This means they can now issue domestic prepaid cards and wallets with UPI integration.
What This Means for Us Indians ?
One-Stop Financial Solution: We’ll get domestic UPI payments and prepaid cards, plus international spending capabilities. All under one brand with Revolut’s signature transparency.
Innovation We Can Trust: The RBI’s approval reflects confidence in their ability to deliver secure, compliant solutions tailored for India’s digital economy.
Easier Money Management: Both local and international payments will become more accessible. The CEO mentioned making payments “faster, cheaper, and more accessible for millions.”
Financial Results of ‘Revolut’
The company’s expansion comes on the back of strong global performance Revolut reported $2 billion in revenue and $545 million in pre-tax profit in 2023. The prepaid card launch and wallet services in India are expected to further boost Revolut’s global footprint and reinforce its commitment to offering seamless digital financial services.
PPIs, or prepaid payment instruments, facilitate various transactions such as purchasing goods and services, conducting financial services, and enabling remittance facilities. This move signifies Revolut’s strategic expansion into the Indian market, aiming to provide comprehensive financial solutions to Indian consumers.
A Team Effort & Quick Progress
The LinkedIn post also gave credit to their team. The CEO expressed pride in the “dream team’s dedication” in reaching this milestone while simultaneously developing their product.According to the CEO’s post, it took them less than a year to go from in-principle approval to full authorization. That’s impressive timing. They already had a Category-II Authorised Money Exchange Dealer license. Now they’ve added this PPI license to their capabilities.
With this regulatory approval secured, Revolut is positioned to make a significant impact on India’s fintech landscape. “The future of payments in India just got more exciting.”
Conclusion
Revolut’s receipt of the RBI license to issue prepaid cards and digital wallets marks a significant milestone in the company’s expansion into India. With this approval, Revolut is poised to tap into India’s rapidly growing fintech and digital payments sector, offering consumers greater convenience and flexibility in managing their finances. As the company prepares to roll out its services, the RBI license demonstrates Revolut’s commitment to adhering to India’s regulatory framework. This move is expected to enhance competition in the market, benefiting consumers with more options for digital financial solutions. With the backing of a regulatory green light, Revolut is set to make a strong impact on India’s evolving financial landscape.
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