Revolut targets 20 million Indian customers with new payment app
The new app combines the UPI payment system with Visa-branded prepaid cards for domestic and international spending.
British neobank Revolut launched its India product on Wednesday after a four-year wait for regulatory approval, betting it can attract 20 million customers by 2030 in one of the world's fastest-growing digital payments markets.
The app combines the UPI payment system with Visa-branded prepaid cards for domestic and international spending—eliminating the need for multiple apps, according to the company.
"By combining the power of India's domestic payment ecosystem with a world-class international spending product, we are giving our customers unparalleled freedom and control," said Paroma Chatterjee, Chief Executive of Revolut India.
The London-based company, which serves over 65 million customers globally, said it aims to onboard 20 million users in India by 2030.
The launch represents a milestone for Revolut, which established an India office in 2021. However, it lacked permission to offer financial products until it secured licenses from the Reserve Bank of India. The company has obtained Authorised Dealer-II and PrePaid Payment Instrument permits, which allow it to issue cards and wallets.
Revolut faces competition from Paytm, PhonePe and Google Pay, which dominate India's digital payments landscape. The company is positioning its international capabilities as a differentiator—offering multicurrency cards with low foreign exchange rates.
The platform will also offer rewards on domestic spending, subscription access to travel and dining perks, and accounts for children with parental controls. Revolut said it estimates 150 million Indians want such a service.
"Through this partnership, Visa will enable Revolut to scale seamlessly across India while giving its users secure, reliable and globally accepted payment solutions from day one," said Rishi Chhabra, Country Manager for Visa India.
The India launch is part of Revolut's broader expansion plans. The company aims to reach 100 million customers globally by mid-2027 and enter more than 30 new markets by 2030, backed by $13 billion in planned investments.
Getting into India required significant investment in local infrastructure to comply with data localisation rules, according to previous reports.
Edited by Affirunisa Kankudti