UK-based digital finance firm Revolut is reportedly planning to launch its payment platform in India, as part of its planned global expansion.
This launch marks Revolut’s first foray into India, one of the largest digital payments markets in the world, according to the Reuters report.
In India, the fintech plans to partner with the Unified Payments Interface (UPI) and Visa to enable users to conduct both domestic and international transactions.
Initially, Revolut will cater to 350,000 customers who are currently on a waitlist, with services expected to roll out later this year.
Last month, Reuters reported that the UK-based fintech firm was looking to buy a US bank and planning to launch credit cards in its home market.
Revolut India CEO Paroma Chatterjee confirmed that the company will provide a prepaid card and a digital wallet tailored for the Indian market.
The firm plans to leverage a prepaid payment instrument licence obtained from the Reserve Bank of India earlier this year to facilitate domestic payment services.
In addition, Revolut holds a licence to offer foreign exchange services, said the publication.
Earlier this year, Revolut announced its plans to create a new Western Europe headquarters in Paris and host the company’s future operations across Western Europe.
Last month, Revolut opened its new global headquarters in London’s Canary Wharf and announced that it surpassed 65 million customers worldwide.
The company plans to reach its goal of serving 100 million customers by 2027, as well as aims to enter more than 30 new markets by 2030.
Also, Revolut revealed plans to apply for a banking license in South Africa, collaborating closely with the South African Reserve Bank (SARB).
“Revolut plans to launch payment platform in India – report ” was originally created and published by Electronic Payments International, a GlobalData owned brand.
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