In a significant development, Revolut India, backed by Tiger Global and Softbank, has secured in-principle approval from the Reserve Bank of India (RBI) to issue Prepaid Payment Instruments (PPI). This approval marks a crucial step for Revolut in expanding its presence in the Indian market, enabling the provision of multi-currency forex cards and cross-border remittance services. With this license, Revolut aims to offer Indian consumers a comprehensive range of international and domestic payment solutions on a single digital platform.
Revolut India, a digital-first financial institution, entered the Indian market in 2021, aiming to disrupt the domestic payments sector. The approval from RBI further strengthens Revolut’s position as a prominent player in the Indian financial landscape, challenging established competitors.
The PPI license allows Revolut India to operate as a Category-II Authorized Money Exchange Dealer, facilitating the issuance of multi-currency forex cards and cross-border remittance services. This expands the financial alternatives available to Indian consumers, offering them convenient and efficient money management solutions.
CEO Paroma Chatterjee emphasized Revolut’s commitment to regulatory compliance, particularly in the Indian market. The company has undertaken the task of localizing its global tech stack to ensure compliance with local regulations, highlighting India’s importance in Revolut’s expansion strategy.
In an interview with Economic Times, BFSI, Chatterjee outlined Revolut’s plans to offer a full array of digital-first money management services to Indian consumers. The company is currently conducting internal testing of its app, with plans for a public launch soon. With over 175,000 prospective clients in the queue, there is a high level of interest in Revolut’s offerings among Indian consumers, indicating significant potential for growth in the market.
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