The full authorisation comes in less than a year after Revolut received in-principle approval from the RBI to issue mobile wallets in April 2024, enabling the company to now operate as a domestic payments provider in India.

Revolut India already holds licences to function as a Category-II Authorised Money Exchange Dealer (AD-II), and to offer multi-currency forex cards and cross-border remittance services.

With the PPI licence in place, Revolut can now offer both international and domestic payment solutions under one platform in India. Through its mobile wallet product, Revolut will also be able to offer UPI payment services to its Indian customers.

“We are excited to build on our existing licenses, and launch our domestic PPI product in India, alongside our international multi-currency card. Our vision is to make every payment on the platform more convenient, transparent and cost-effective, with our best-in-class product experience for our customers,” said Paroma Chatterjee, CEO, Revolut India.

This move positions Revolut to compete in India’s crowded digital payments market, which is dominated by players like PhonePe, Google Pay, Paytm, and traditional banks. The domestic PPI approval gives it the opportunity to onboard Indian users for local transactions, including UPI—a key payment mode in the country.

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Founded in the UK in 2015, Revolut has over 50 million customers globally and was valued at $45 billion in 2024. It said that its services are being used by customers in over 38 countries. As part of its expansion beyond the UK and European Economic Area, Revolut launched in Brazil in 2023 and also received a banking licence in Mexico in 2024.Revolut, one of the first major UK fintech firms to set up a significant base in India, considers India a key part of its strategy to double its global customer base to 100 million.

“We are committed to providing innovative and accessible financial services that improve the lives of everyone who uses Revolut. We appreciate the RBI demonstrating confidence in our ability to do the same in India as well,” said Nik Storonsky, cofounder and CEO, Revolut.