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| Image Credits:Jagmeet Singh / TechCrunch |
Revolut has officially entered the Indian market, positioning itself as an alternative to local banks charged with imposing what it calls “criminal” foreign exchange fees. The UK fintech claims Indians lose as much as $600 million annually in hidden FX charges imposed by traditional banks.
Why Revolut Is Targeting India Now
Despite serving markets globally, Revolut sees India as a prime battlefield because of massive cross-border payment flows. Indians spend roughly $30 billion abroad every year and local banks collect heavy remittance and FX fees in the process. Revolut’s India head calls these charges “humongous” and aims to undercut them.
To pave its entry, Revolut acquired Arvog Forex in 2022, securing its inroads into India’s remittance and multi-currency account space. Earlier in 2025, it obtained India’s regulatory approval for prepaid payment instruments (PPI), enabling it to issue cards, support digital wallets, and integrate with the country’s UPI network.
Products & Strategy for Indian Users
Revolut plans to offer full-KYC prepaid wallets, domestic and multi-currency Visa cards, and built-in analytics tools to help customers better understand their spending. It will also launch specialized accounts for teens and kids tied to parent profiles a feature rare in Indian fintech currently.
Because Revolut holds regulatory permissions for both domestic and international transfers, it’s promising same-day remittances through its platform in India. Local bank partnerships will assist in achieving this. Importantly, it plans to support multiple payments rails, including Visa and possibly RuPay.
Regulation, Compliance & User Acquisition
Revolut is taking a strict compliance path. New users must undergo full KYC (with Aadhaar and live video verification), and the firm will screen against global sanctions databases. This approach is intended to build trust and sustainability rather than fast, low-trust scale.
It already has a waitlist of over 350,000 potential users in India. The launch timeline depends heavily on clearing that backlog and verifying users. It also has localized tech infrastructure and has committed $45 million to build its India presence.
Challenges & Competitive Landscape
Despite its entry, Revolut faces entrenched competition from Indian fintechs like Niyo, Fi, Scapia, and established bank-backed remittance services. Many already offer cross-border payments and currency exchange services, though often with higher fees.
Another challenge is regulatory stability in India, payments and remittance rules change frequently, and foreign firms often grapple with localization, data sovereignty, and banking partnerships. Revolut’s initial funding and local infrastructure are crucial assets here.
Why This Move Matters
If successful, Revolut could reshape forex and remittance costs in India by forcing banks to lower markups or lose customers. For Indian consumers, it could mean cheaper overseas transfers, better exchange rates, and more transparency. For fintech, it underscores how global players are eyeing India’s financial pain points as big opportunities.
Internal Link Suggestion
For deeper insight into fintech disruption in India, check out our article on The India Fintech Boom 2025: Foreign Entrants & Local Champions.