British fintech giant Revolut has officially launched its services in India, marking a significant milestone in its global expansion strategy. The company aims to revolutionize the Indian financial sector by addressing the exorbitant fees associated with cross-border transactions and offering a comprehensive suite of digital payment solutions.
Addressing High Forex Fees
Revolut’s entry into the Indian market is driven by the need to tackle the substantial fees imposed by traditional banks on foreign exchange services. According to Paroma Chatterjee, CEO of Revolut India, Indians spend approximately $30 billion overseas annually, incurring around $600 million in bank charges. Chatterjee describes these fees as “criminal,” emphasizing the necessity for more transparent and cost-effective alternatives. She notes that foreign exchange services have traditionally been dominated by banks, leading to significant charges for consumers. ([techcrunch.com](https://techcrunch.com/2025/10/07/revolut-aims-to-take-on-indian-banks-and-their-criminal-forex-fees/?utm_source=openai))
Regulatory Milestones and Strategic Acquisitions
Since 2021, Revolut has been diligently working towards its India launch, focusing on bridging gaps in the country’s foreign exchange and digital payment sectors. In 2022, the company acquired Arvog Forex, securing a license to offer remittance and multi-currency account services in India. Further strengthening its position, Revolut obtained a prepaid payment instrument (PPI) license from the Reserve Bank of India in April 2025. This license enables the company to issue prepaid cards, support digital wallets, and integrate with the Unified Payments Interface (UPI), a government-backed payment system. ([techcrunch.com](https://techcrunch.com/2025/10/07/revolut-aims-to-take-on-indian-banks-and-their-criminal-forex-fees/?utm_source=openai))
Comprehensive Product Offerings
Revolut’s product suite for the Indian market is designed to cater to the diverse needs of modern consumers. The offerings include:
– Prepaid Wallet with UPI Support: Users can perform seamless domestic transactions using Revolut’s prepaid wallet integrated with UPI.
– Domestic and International Visa Cards: The platform provides both domestic Visa cards and international multi-currency Visa cards, facilitating convenient spending both within India and abroad.
– Dedicated Accounts for Minors: Parents can set up accounts for children and teenagers, linked to their profiles, promoting financial literacy from a young age.
– Subscription-Based Services: Revolut offers subscription models that grant access to exclusive features and benefits.
– Budgeting and Analytics Tools: Users can gain insights into their spending habits through advanced budgeting and analytics tools, promoting better financial management.
These offerings are tailored to meet the demands of over 150 million “globally aspiring, digitally native” Indians aged between 25 and 45. Revolut plans to onboard approximately 20 million users by 2030, aiming to process at least $7 billion worth of transactions. ([techcrunch.com](https://techcrunch.com/2025/10/07/revolut-aims-to-take-on-indian-banks-and-their-criminal-forex-fees/?utm_source=openai))
Competitive Landscape and Market Positioning
Revolut enters a competitive Indian fintech market dominated by established players such as Paytm, PhonePe, and Google Pay. To differentiate itself, Revolut emphasizes its international capabilities, offering multi-currency cards with low foreign exchange rates. The platform also provides rewards on domestic spending, subscription access to travel and dining perks, and accounts for children with parental controls. Revolut estimates that 150 million Indians are seeking such comprehensive financial solutions. ([yourstory.com](https://yourstory.com/2025/10/revolut-targets-20m-indian-customers-with-new-payment-app?utm_source=openai))
Investment in Local Infrastructure
To comply with India’s stringent data sovereignty laws, Revolut has invested over £40 million in localizing its technology infrastructure. This significant investment underscores the company’s commitment to the Indian market and ensures that user data is stored and processed within the country. ([reuters.com](https://www.reuters.com/sustainability/boards-policy-regulation/uks-revolut-launch-india-payments-platform-eyes-20-million-users-by-2030-2025-10-08/?utm_source=openai))
Strategic Partnerships
Revolut has partnered with Visa to power its initial set of cards in India, ensuring secure and globally accepted payment solutions. Rishi Chhabra, Country Manager for Visa India, stated that this partnership will enable Revolut to scale seamlessly across India while providing users with reliable payment options from day one. ([timesofindia.indiatimes.com](https://timesofindia.indiatimes.com/business/india-business/revolut-launches-india-service-incorporating-upi/articleshow/124380944.cms?utm_source=openai))
Future Outlook
Revolut’s launch in India is a pivotal component of its broader global expansion strategy. The company aims to reach 100 million customers worldwide by mid-2027 and plans to enter more than 30 new markets by 2030. With a substantial investment of $13 billion planned over the next five years, Revolut is poised to make a significant impact on the global financial landscape. ([economictimes.indiatimes.com](https://economictimes.indiatimes.com/tech/technology/india-launch-at-heart-of-uk-fintech-revoluts-100-million-customer-base-target/articleshow/124122833.cms/?utm_source=openai))
In conclusion, Revolut’s entry into the Indian market signifies a transformative shift in the country’s financial services sector. By addressing high forex fees and offering a comprehensive suite of digital payment solutions, Revolut aims to empower Indian consumers with greater financial freedom and control.
