India Payments

Revolut India Secures In-Principle Approval for Prepaid Cards and Wallets

Global neobank Revolut announced that its Indian entity has secured in-principle approval from the Reserve Bank of India (RBI) to issue Prepaid Payment Instruments (PPI), such as prepaid cards and wallets.

This new approval complements their existing authorisation to operate as an Authorised Dealer Category II (ADII), which includes permissions for issuing multi-currency forex cards and facilitating cross-border remittances.

This development marks a significant step for Revolut, as it now can offer both international and domestic payment solutions to Indian consumers through a unified platform. Revolut is reportedly among 17 entities to receive this authorisation.

The firm has been expanding its Indian team through the appointment of Amarjeet Kumar as Head of Strategy and Operations as well as Girish Singh as its Head of Growth for Revolut India.

Revolut is preparing to launch its services in India and currently has over 175,000 prospective customers on its waitlist.

Paroma Chatterjee

Paroma Chatterjee, CEO of Revolut India said in a LinkedIn post,

“Over the last two years, we have been tirelessly building the Revolut experience – for India, in India. Being fully compliant with all regulatory requirements is our top priority.

India is the only market where Revolut has therefore undertaken the massive task of localising the global tech-stack, in order to comply with local regulations.”

Featured image credit: Edited from Freepik