Revolut Gets RBI Nod to Launch Prepaid Cards and Wallets in India

The new services will enable customers to make UPI payments, shop online and offline, and transfer money effortlessly within India. This move places Revolut in direct competition with established players in the digital payments India space.

Previously, Revolut had received an in-principle nod from the RBI and already holds licences to operate as a money exchange dealer, issue forex cards, and provide cross-border payment solutions. With this approval, Revolut can now fully tap into the rapidly expanding digital wallets market in India.

The company’s expansion comes on the back of strong global performance—Revolut reported $2 billion in revenue and $545 million in pre-tax profit in 2023. The prepaid card launch and wallet services in India are expected to further boost Revolut’s global footprint and reinforce its commitment to offering seamless digital financial services.

As Revolut rolls out its services, Indian users can look forward to more options and innovation in the digital payments space, especially in areas like global spending, money transfers, and smart wallet features.