London’s digital financial firm Revolut announced on Wednesday that it is ready to launch a payment platform in India and mark its invasion on one of the largest markets with digital payment payments in the world.
This step is a key part of the company’s plan to expand its services around the world. The company is already operating in the United Kingdom, Switzerland, Australia, New Zealand, Japan, Singapore, the United States and Brazil among several other nations.
What services will it offer in India?
Reuters said Finech will expand its services to 350,000 waiting lists at the end of this year to introduce the platform to others.
Revolut will allow Indian users to make domestic and international payments using their links using the Unified Payments Interface (UPI) and Visa.
Paroma Chatterjee, CEO of Revolut India, confirmed that Indian users will offer a prepaid card and digital wallet. The company has a license to offer these domestic payment services using a license of prepaid payment devices, which it provided from the Indian Reserve Bank (RBI) at the beginning of this year, Chatterjee said, adding that the Company also has a license for the offer of foreign exchange (Forex) services.
Global ambitions and investments
Revolut relies on India as a major part of its global growth strategy. By 2030, the company set an ambitious goal of 20 million customers, which specifically focuses on demographic “aspiration youth”, Chatterje told Reuters.
To meet the Indian rules of data sovereignty, Revolut has invested over £ 40 million (about $ 53.7 million) in the location of its technology. The company spokesman noted that this was the only market where Revolut made such a localization investment. This expansion comes when the company also said last month that it was investigating the purchase of an American bank and launching a credit card in the UK.
(Tagstotranslate) Revolut
