Revolut is gearing up to launch its services in India next year
Revolut is gearing up to launch its services in India next year
Revolut, the UK-based fintech giant, is preparing for its highly anticipated launch in India by 2025. The company recently secured in-principle authorization from the Reserve Bank of India (RBI) to issue prepaid cards and digital wallets, positioning itself to tap into one of the world’s fastest-growing fintech markets.
According to The Financial Times, the expansion into India is part of Revolut’s global strategy to broaden its reach across major economies, following its success in Europe, the USA and other parts of Asia.
As part of its India strategy, Revolut plans to focus on high-end consumers, a demographic the company has identified as crucial for its growth. This group, referred to as "global India," consists of individuals who frequently travel, spend on international services, and are accustomed to using global platforms like Netflix, Apple, and Amazon. This focus distinguishes Revolut from other fintech competitors that cater to a broader audience, allowing it to carve out a niche in a crowded and competitive marketplace.
In a statement, Paroma Chatterjee, CEO of Revolut India, emphasized that the company is targeting the top 10–15% of the Indian population, a segment that aligns well with Revolut’s premium services and international appeal. She also noted that Revolut has been building a local presence by testing products with over 4,000 employees already on the ground, helping to fine-tune its offerings for the Indian market.
Gaining approval from the RBI was a significant milestone, but there are still technical and regulatory hurdles that need to be addressed before the 2025 launch. Chatterjee highlighted that while the company is close to overcoming technical issues, there are minor adjustments still required to ensure compliance with local regulations and the smooth operation of their platform.
To ensure a successful rollout, Revolut is also ramping up its workforce in India, planning a 40% increase in staffing to meet the demands of the market. The company’s local team has been integral in navigating the complex regulatory landscape and adapting Revolut’s offerings to meet the unique needs of Indian consumers.
India’s fintech market is among the most competitive in the world, with local giants such as Paytm, PhonePe, and Razorpay already dominating the space. However, Revolut’s differentiated focus on high-end consumers and its international brand recognition may provide an edge in capturing a niche but lucrative segment of the market.
With its premium services, including international payments, currency exchange, and wealth management tools, Revolut is betting that India’s affluent, globally connected consumers will be eager to adopt its platform. By targeting this upper tier of the market, Revolut aims to avoid direct competition with mass-market players while offering unique services that resonate with frequent travelers and international consumers.
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