Revolut Launches in India to Disrupt Costly Cross-Border Payments

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British fintech giant Revolut has officially launched in India, targeting what it calls one of the country’s most underserved financial sectors — cross-border payments.

According to Revolut, Indians spend around $30 billion abroad annually and lose about $600 million in bank fees — charges that Revolut India CEO Paroma Chatterjee described as “criminal.”

To address this, Revolut has built out a full regulatory foundation. It acquired Arvog Forex in 2022 and secured a Prepaid Payment Instrument (PPI) license from the Reserve Bank of India in April, enabling UPI support, prepaid cards, and digital wallets.

The fintech plans to onboard 20 million Indian users by 2030 and process $7 billion in transactions, offering multi-currency Visa cards, kids’ accounts, budgeting tools, and instant remittances.

“We can deliver the kind of customer experience we want — not one restricted by bank partnerships,” said Chatterjee.