Strategic Expansion Into A High-Growth Market
Revolut has begun a limited beta rollout in India, marking the latest step in the British fintech company’s expansion into one of the world’s largest digital payments markets. Over recent weeks, users on the company’s waitlist have started receiving access to the India-focused app as Revolut prepares for a broader launch.
Localized Offerings And Enhanced Customer Experience
The beta version, available on both Google Play and Apple’s App Store, has already attracted several thousand users. Features tailored to the local market include UPI payments, e-money wallets, domestic prepaid cards, multi-currency cards, virtual cards and disposable cards. Revolut said the phased rollout will allow it to gather user feedback and test core services before expanding access.
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Navigating India’s Digital Payment Ecosystem
India represents one of the world’s most competitive fintech markets, driven largely by the government-backed Unified Payments Interface (UPI). According to official data, UPI processed 23.2 billion transactions worth approximately ₹29.9 trillion ($313.8 billion) in May alone. Processing volumes of this scale present a significant growth opportunity for international fintech firms, while also placing them in direct competition with local banks and established payment providers.
Building A Robust Local Presence
Revolut’s efforts to enter India date back to 2021. To strengthen its local presence, Revolut appointed fintech executive Paroma Chatterjee to lead operations in India and acquired Arvog Forex in 2022. It later secured a prepaid payment instrument licence from the Reserve Bank of India, allowing it to expand services including remittances and multi-currency accounts.
Looking Ahead
Access to the beta programme is currently limited to a small portion of the approximately 450,000 users on Revolut’s waitlist in India. Revolut plans to gradually expand onboarding in the coming months. Interest in the platform has continued to grow, with nearly 820,000 app downloads recorded in India since launch. India forms part of Revolut’s broader expansion strategy across high-growth markets. The company has previously identified countries including Thailand, Vietnam and Brazil as key drivers of future user growth and transaction volumes as it works toward its targets of reaching 20 million users and processing at least $7 billion in transactions by 2030.
