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Revolut to launch India payments platform, targets 20 million users by 2030
UK fintech invests £40 million to localise tech for Indian market; to roll out domestic and international payments via UPI and Visa later this year.
India, with its booming digital economy and over 300 million UPI users, presents a major opportunity for global fintechs like Revolut seeking scale and innovation-led growth.
London-based digital finance firm Revolut has reportedly announced that it will launch its payment platform in India, marking its first entry into one of the world’s largest digital payments markets as part of its ambitious global expansion plan.
The company, as per media reports, said it will enable Indian users to make domestic and international payments through integrations with the Unified Payments Interface (UPI) and Visa. The rollout will begin later this year with 350,000 users currently on its waitlist, before being opened to the wider public.
Revolut aims to onboard 20 million customers in India by 2030, underscoring the company’s long-term bet on the country’s rapidly growing fintech ecosystem.
To comply with India’s data sovereignty regulations, the fintech has invested more than £40 million in localising its technology infrastructure- its only market worldwide where such an effort has been undertaken.
Revolut, valued at over $25 billion globally, has been steadily diversifying its offerings. Just last month, the firm revealed plans to acquire a U.S. bank and launch credit cards in its home market, signalling a push to expand its banking and payments footprint internationally.
Read more: Google Pay, PhonePe, Paytm account for over 90% of UPI transaction value and volume in 2H 2024
India, with its booming digital economy and over 300 million UPI users, presents a major opportunity for global fintechs like Revolut seeking scale and innovation-led growth.
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