Revolut Gets RBI Nod for Wallets and UPI in India
Why in the news
UK fintech Revolut won final RBI approval in April 2025 as a PPI issuer, enabling wallets and UPI in India.
Key facts
- PPI licence: mobile wallets and prepaid instruments.
- UPI: instant transfers, merchant and peer-to-peer payments in its app.
- AD-II licence (already held): multi-currency forex cards and cross-border remittances.
- Target: top 10-15% of consumers, tech-savvy frequent travellers.
| Revolut globally | Figure |
|---|---|
| Users | 50+ million, 38 countries |
| 2024 valuation | $45 billion |
| User goal | 100 million |
Significance
- Fresh rival to PhonePe, Google Pay and Paytm.
- Seen as RBI’s trust in its compliance; backs financial inclusion and a cashless economy.
- Market size: $2.1 trillion by 2030.
Exam angle
- Licence: PPI issuer; AD-II covers forex and remittances.