Global fintech leader Revolut has achieved a significant milestone in its India expansion. After months of preparation, Revolut has received full approval from the Reserve Bank of India (RBI) to operate as a provider of Prepaid Payment Instruments (PPIs), including domestic digital wallets and prepaid cards.
With this RBI license, Revolut is now officially authorized to enter India’s rapidly growing digital payments and fintech market, offering users innovative multi-currency wallets, secure domestic transactions, and eventually a suite of financial services tailored for Indian consumers—all under the regulatory framework of the RBI.
What makes this approval even more impactful is that Revolut already holds an Authorized Dealer Category II (AD II) license in India, which allows it to facilitate forex services and outward remittances under the Liberalized Remittance Scheme (LRS). Now, with the addition of the PPI license, Revolut can issue both domestic prepaid cards and multi-currency forex cards—a powerful offering for Indians who frequently travel abroad and want a seamless, low-cost, and digital-first solution for global payments.
With this dual-license structure, Revolut is positioned to offer a comprehensive cross-border payment experience, enabling INR loading, real-time currency conversion, and international card spending—all under full RBI compliance.
The Possible Offerings: What Revolut Could Bring to Indian Users:
With both the Prepaid Payment Instrument (PPI) license and the Authorized Dealer Category II (AD II) license in place, Revolut is now equipped to launch a wide range of digital financial services in India. These offerings are expected to cater to both domestic users and international travelers, creating a strong value proposition in the competitive Indian fintech and digital payments space.
1. Multi-Currency Forex Cards for International Travel
Revolut could launch multi-currency prepaid forex cards, allowing Indian users to load INR and convert it to major foreign currencies like USD, EUR, GBP, and AED at interbank exchange rates. This would be ideal for students, business travelers, and tourists who need low-cost, transparent foreign exchange services with real-time currency conversion and app-based card controls.
2. Domestic Prepaid Cards for Everyday Use
Under the PPI license, Revolut can issue domestic prepaid cards in partnership with RuPay, Visa, or Mastercard. These cards could be used for online and offline payments, UPI integration, bill payments, and even spend-based rewards or cashback, targeting Indian users who prefer digital-first alternatives to traditional banking.
3. Digital Wallet with UPI and QR Code Payments
Revolut is also expected to launch a digital wallet app with support for UPI payments, merchant QR code scanning, peer-to-peer transfers, and wallet top-ups via bank accounts or credit cards. This positions Revolut to compete with major Indian players like PhonePe, Google Pay, and Paytm.
4. Budgeting, Forex Tracking & Expense Analytics
Leveraging its global product stack, Revolut could bring smart features like:
- Spend analytics across currencies
- Travel budgeting tools
- Automatic Forex rate tracking and alerts
- Card freezing/unfreezing through the app
5. Cross-Border Remittances Under LRS
With its Authorized Dealer Category II (AD II) license, Revolut can offer outward remittance services under the RBI’s Liberalised Remittance Scheme (LRS). This means Indian residents will be able to:
- Send money abroad for education, travel, gifts, or investments
- Transfer funds to family members living overseas
- Make international payments in foreign currencies, directly from the Revolut app
These remittances will be fully RBI-compliant and routed through approved forex channels, with added benefits like:
- Competitive exchange rates
- Low and transparent fees
- Fast transfer speeds
- In-app tracking and confirmations
This positions Revolut as a strong alternative to traditional banks and services like Western Union, offering a faster, cheaper, and more transparent way to send money abroad from India.
These features would be especially appealing to tech-savvy millennials and frequent international travelers looking for better control and visibility over their finances.
Conclusion: A Borderless Financial Future for India
Revolut’s integration of PPI and AD II capabilities could make it the go-to choice for Indians who want a borderless financial lifestyle—combining domestic digital payments, international card usage, and global remittance capabilities in one seamless app.
Backed by its global fintech expertise and regulatory green lights from the Reserve Bank of India, Revolut is gearing up to offer a truly next-gen financial experience tailored for Indian users. The excitement is already building, with over 175,000 users on the Revolut India waitlist, eagerly awaiting access to its upcoming prepaid cards, multi-currency wallets, and LRS-compliant remittance tools.
As India’s digital finance landscape evolves, Revolut is positioning itself not just as a competitor—but as a category-defining player in the space.
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