Revolut Enters India to Disrupt Costly Forex Fees
British fintech Revolut has officially launched its services in India, targeting the country’s substantial yet underserved cross-border payments market. Indians reportedly spend approximately $30 billion abroad annually, incurring nearly $600 million in bank fees, which Revolut’s India CEO, Paroma Chatterjee, describes as “criminal.”
Addressing a Long-Standing Market Gap
Since 2021, Revolut has been preparing its India entry by acquiring Arvog Forex in 2022 to secure a license for remittance and multi-currency account services. The fintech also obtained a prepaid payment instrument (PPI) license from the Reserve Bank of India earlier this year, enabling it to issue prepaid cards, support digital wallets, and integrate with India’s government-backed Unified Payments Interface (UPI).
These regulatory milestones position Revolut to challenge entrenched banks and existing fintech competitors by offering a differentiated customer experience without relying on bank partnerships.
Comprehensive Product Suite for Indian Consumers
Revolut’s Indian product lineup includes a prepaid wallet with UPI support and branded UPI handles, domestic Visa cards, and international multi-currency Visa cards. The company will also launch dedicated accounts for kids and teens linked to parental profiles, subscription-based services, and budgeting and analytics tools that provide insights into spending habits.
Importantly, Revolut is authorized to facilitate both domestic and international payments and transfers, including same-day remittances through a local banking partner.
Full-KYC Onboarding to Attract High-Intent Users
Unlike many Indian fintechs that rely on minimal KYC to expedite onboarding for low-value transactions, Revolut mandates full KYC verification, including Aadhaar and video checks. The company also screens users against global sanctions lists such as those maintained by the Office of Foreign Assets Control and the United Nations.
“Somebody would do that only if they’re interested in using the product. So, this full KYC customer onboarded is going to be my customer metric,” said Paroma Chatterjee.
Revolut prioritizes meaningful user engagement and profitability over sheer download numbers, setting itself apart in a market where curiosity-driven app downloads can be misleading.
Ambitious Growth and Local Investment
Revolut aims to onboard 20 million Indian users by 2030 and process transactions worth at least $7 billion. The company already has a waitlist exceeding 350,000 potential customers, with onboarding contingent upon successful KYC and anti-money laundering checks.
To support its India operations, Revolut has invested $45 million to localize its technology stack in compliance with data sovereignty regulations and plans further investments as it scales.
With 3,500 employees based in India—the company’s largest workforce globally—Revolut leverages local talent to develop products not only for India but also for other international markets.
Facing Established Competition
Despite Revolut’s strong regulatory footing and product offerings, it will contend with established players in India’s foreign exchange and remittance sectors. Indian banks dominate forex transactions, while fintechs such as Niyo, Scapia, Fi, and BookMyForex have entrenched positions in cross-border payments.
The company is also exploring partnerships beyond Visa, including RuPay, to provide customers with a variety of payment network options.
FinOracleAI — Market View
Revolut’s entry into India represents a strategic move to disrupt a market long dominated by banks with high fees and limited transparency. Its full-KYC model and regulatory approvals enable a robust, compliant platform that appeals to digitally savvy, high-intent users.
- Opportunities: Large underserved market for cross-border payments; regulatory licenses enable broad product offerings; strong potential user base of 150 million digitally native Indians aged 25–45.
- Risks: Intense competition from entrenched banks and established fintechs; customer acquisition dependent on thorough KYC and AML processes; evolving regulatory environment.
Impact: Revolut’s launch is poised to increase competition in India’s forex and payments sector, potentially driving down costs and improving service quality for consumers while challenging traditional banking incumbents.
