Financial technology innovator Revolut India has secured a significant milestone in its journey towards becoming a leading digital financial services provider in the Indian market. The Reserve Bank of India (RBI) has granted Revolut India an in-principle authorization to issue Prepaid Payment Instruments (PPIs), including prepaid cards and wallets.
This PPI license builds upon Revolut India’s existing success. The company already holds licenses to operate as a Category-II Authorized Money Exchange Dealer (AD II), allowing them to offer multi-currency forex cards and cross-border remittance services. The new license marks a critical step forward, enabling Revolut to transition from a remittance-focused entity to a full-fledged player in the domestic Indian payments landscape.
A Unified Platform for Seamless Financial Management
With the RBI’s approval, Revolut India can now offer Indian consumers a comprehensive suite of financial solutions on a single, unified platform. This eliminates the need for customers to juggle separate services for domestic and international transactions, streamlining their financial experience.
Paroma Chatterjee, CEO of Revolut India, expressed her enthusiasm on LinkedIn: “We are thrilled to receive the PPI license from the RBI. This authorization allows us to fulfill our vision of offering a full suite of digital-first money management services to all Indian customers. Our platform will empower them to effortlessly manage their finances, including local and international payments, remittances, and more.”
Revolut’s Commitment to the Indian Market
Revolut’s commitment to the Indian market is further underscored by their impressive waitlist, exceeding 175,000 prospective customers. With their innovative technology and customer-centric approach, Revolut is poised to disrupt the Indian financial services landscape, offering a more accessible and convenient way for individuals to manage their money.
