**Revolut Aims to Transform Cross-Border Payments in India**
Revolut, the UK-based fintech company, is set to revolutionize cross-border payments in India, promising to facilitate international transfers and payments within a single day. After four years of operations in the country, the company has recently obtained a prepaid payment instrument (PPI) license from the Reserve Bank of India, which will enable it to enhance its domestic payment capabilities alongside its cross-border services.
Paroma Chatterjee, CEO of Revolut India, highlighted the unique payment landscape in India, where customers typically use separate solutions for domestic and international transactions. With the new PPI license, Revolut plans to offer a comprehensive platform that integrates both types of payments. Users will have access to three distinct payment options: a PPI wallet and a linked prepaid card for domestic transactions, a forex card for international merchant payments, and a solution for remittances.
The domestic PPI wallet will be linked to the Unified Payments Interface (UPI), and Revolut will introduce its own UPI handle, ‘@revolut’. This strategic move aims to carve out a niche in the competitive fintech market, as Chatterjee noted that no other platform currently offers same-day international transfers. In contrast, traditional bank transfers typically take between two to six days, depending on various factors.
Revolut’s approach positions it not just against other fintech companies but also against traditional banks, as it seeks to create a comprehensive digital banking experience. Although the Reserve Bank of India does not officially recognize digital or neo banks, Revolut has secured an authorized dealer-II (AD-2) license, allowing it to manage its own treasury and offer competitive foreign exchange rates. Additionally, the company has received authorization to issue its own cards.
As Revolut continues to expand its services in India, it aims to redefine the payment landscape, making cross-border transactions faster and more efficient for users.
**FAQ**
**What payment options will Revolut offer in India?**
Revolut will provide three payment options: a PPI wallet and linked prepaid card for domestic payments, a forex card for international transactions, and a solution for remittances.
