Revolut is set to launch its payments platform in India later this year, aiming to attract 20 million customers by 2030.
UK-based Revolut will allow the 350,000 individuals on its Indian waitlist to make both domestic and international payments through Visa and the Unified Payments Interface (UPI).
This anticipated launch follows the company’s acquisition of a prepaid payments instrument license from the Reserve Bank of India earlier this year, enabling it to provide domestic payment services.
Additionally, Revolut invested over £40 million to comply with India’s 2018 data storage regulations, which mandate that all payment system providers store complete transaction details exclusively within the country.
The large “aspirational youth” demographic in India is a crucial component of Revolut’s five-year global strategy, which includes a £10 billion investment and the creation of 10,000 jobs, ultimately targeting 100 million customers and expansion into 30 new markets by 2030.