Introduction
The British fintech giant Revolut has officially announced the launch of its payment platform in India, marking a major step into one of the world’s largest digital payments markets. The new service aims to combine domestic payments through UPI and international transfers via Visa. With strong localisation efforts and ambitious targets, Revolut’s entry could further shake up India’s fintech landscape.
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Why This Launch Matters
India is already a global leader in digital payments, largely due to the success of the Unified Payments Interface (UPI), which enables instant peer-to-peer and merchant transactions. Revolut’s move means global users can now make more seamless cross-border transactions and Indian users get access to tools commonly available in more mature fintech markets. Reuters reports that the platform will begin with 350,000 waitlisted users, with plans to scale to 20 million by 2030
Key Features & What Revolut Offers
1. UPI + Visa Integration
Revolut will allow Indian users to make domestic payments through UPI and international payments via Visa, all in one app. This hybrid model aims to provide both local convenience and global reach.
2. Prepaid Wallet and Cards
The platform will include a digital wallet and a prepaid Visa card for seamless spending at home and abroad.
3. Localisation & Compliance
To comply with Indian data sovereignty and fintech regulations, Revolut has invested over £40 million in localising its technology—India is reportedly the only market where it has made such investment. The company has also acquired a Prepaid Payment Instruments (PPI) license from the Reserve Bank of India (RBI).
4. Phased Rollout
Initially, only users from a waitlist will be onboarded. Later, broader access will be provided. This cautious rollout helps manage compliance, user feedback, and system stability.
Challenges & Risks Ahead
- Regulatory scrutiny: India has strict rules on data localisation and financial licensing, which may slow expansion.
- Competition: Domestic payment giants like Paytm, PhonePe, Google Pay, and others already dominate in UPI space.
- User adoption: Convincing users to adopt a new platform may require incentives, loyalty programs, or unique value.
- Technical & security robustness: Handling cross-border transfers and large volumes will stress infrastructure.
What to Expect & Timeline
- 2025 (Q4 onward): Onboarding of 350,000 waitlisted users as pilot.
- 2026–2028: Gradual public rollout across major Indian cities.
- By 2030: Target to hit 20 million users in India.
Keep an eye on announcements during Global Fintech Fest (GFF) and major fintech summits — those are likely venues for updates. Revolut first unveiled its India launch during GFF 2025 in Mumbai.
Implications for Indian Fintech Ecosystem
- Global-local integration: Revolut’s entry may push more global-class features (e.g. borderless payments, multi-currency wallets).
- Innovation pressure: Indian incumbents might innovate faster to retain users.
- Consumer benefits: Better foreign exchange rates, fewer fees, more competition.
- Fintech adoption: More consumers may trust digital financial services with better user experience and security.
For a detailed breakdown of the announcement, refer to Reuters’ coverage:
UK’s Revolut to launch India payments platform, eyes 20 million users by 2030
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