Revolut rolls out services to thousands of users in India ahead of broader launch

Revolut, the British fintech company, has initiated a phased rollout of its services in India as part of a controlled beta program, marking a crucial advancement in its long-standing ambition to penetrate the nation's burgeoning digital payments ecosystem. Earlier this year, the company began accepting registrations for its India-specific app, and those who joined the waitlist have started to gain access over recent weeks. Currently, a few thousand users are actively utilizing the platform, as confirmed by a Revolut spokesperson. This rollout is particularly significant given the rapid growth of digital payment solutions in India, driven by the government-endorsed Unified Payments Interface (UPI). UPI has revolutionized the way money is transacted, accounting for nearly half of the global real-time payment transaction volume, with a staggering 23.2 billion transactions valued at ₹29.9 trillion (approximately $313.8 billion) processed in May alone. As part of this beta phase, users are able to access a variety of features including UPI payments, electronic money wallets, domestic prepaid cards, multi-currency cards, virtual cards, and disposable cards. However, the rollout is limited to a select group from a waitlist that boasts around 450,000 users. The company aims to gather valuable feedback to refine the core functionalities and enhance the user experience before a broader launch. Revolut's ambitions in India have been in the works since 2021, with the hiring of fintech leader Paroma Chatterjee to oversee local operations. The company made a strategic move in 2022 by acquiring Arvog Forex, which bolstered its regulatory standing and enabled it to provide remittance and multi-currency services. Additionally, it secured a prepaid payment instrument (PPI) license from the Reserve Bank of India, facilitating the issuance of prepaid cards and integration with the UPI network. While Revolut is eager to eventually open its app to direct onboarding for all users, a specific timeline for this wider launch has not been disclosed. Chatterjee previously mentioned that the company is targeting a full product launch by the second quarter of the year. In its quest to tap into India's tech-savvy consumer base, Revolut is positioning itself against established banks and fintech rivals in one of the world's most competitive financial landscapes. The company has its sights set on attracting over 150 million digitally-oriented Indians aged 25 to 45, with an ambitious goal of onboarding 20 million users by 2030 and processing $7 billion in transactions. Interest in Revolut is already surging in anticipation of its broader launch in India. According to estimates from Sensor Tower, the app has been downloaded approximately 820,000 times in the country since its introduction to app stores, with over a third of those downloads occurring in the recent months of 2025 and early 2026. While Revolut's primary markets by app downloads remain in Europe, particularly in France, the UK, Spain, Italy, and Germany, the company is increasingly focusing on emerging markets like India to fuel its growth strategy.