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Revolut will launch its payments platform in India later this year, targeting 20 million customers in the country by 2030.
Editorial
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UK-based Revolut will soon start letting the 350,000 people on its Indian waitlist make domestic and international payments via Visa and the country’ Unified Payments Interface.
The long-trailed launch comes after it secured a prepaid payments instrument license from the Reserve Bank of India earlier this year to offer domestic payment services.
Revolut also spent over £40 million to ensure that it meets data storage rules India introduced in 2018 that require all payment system providers to ensure that full end-to-end transaction details are stored in systems only in the country.
India’s huge “aspirational youth” demographic is seen as a key part of the company’s five-year global plan to invest £10 billion and create 10,000 jobs as it targets 100 million customers by mid 2027 and entry into 30 new markets by 2030.
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