Revolut Starts India Payments Beta for 1,000s as UPI Hit 23.2 Billion May Transactions
Updated
Updated · TechCrunch · Jun 1
Revolut Starts India Payments Beta for 1,000s as UPI Hit 23.2 Billion May Transactions
2 articles · Updated · TechCrunch · Jun 1
A few thousand Indian users have begun accessing Revolut’s localized app in a controlled beta, drawn from roughly 450,000 people on its waitlist ahead of a wider launch.
The beta lets users make UPI payments and use e-money wallets, domestic prepaid cards, multi-currency cards, virtual cards and disposable cards while Revolut gathers product feedback.
India is a critical target because UPI processed a record 23.2 billion transactions worth ₹29.9 trillion in May, underscoring the scale of the market Revolut is entering.
Revolut has spent years preparing for the launch, hiring Paroma Chatterjee in 2021, buying Arvog Forex in 2022 and securing an RBI prepaid payment instrument license.
The company says direct onboarding for all users is coming in the near future as it targets 20 million Indian users by 2030 and at least $7 billion in transactions.
With a £500M bet, can Revolut crack India's notoriously competitive and low-margin fintech market?
Is Revolut's multi-currency card a game-changer or just a niche product for most Indian users?
Revolut’s $25M India Launch: Targeting 20 Million Users by 2030 in the Battle for Digital Payments
Overview
Revolut has launched its India beta in Q2 2026, marking a major step in its global expansion. Backed by a $25 million investment, Revolut targets 20 million Indian users by 2030, leveraging the country’s large, digitally connected population and advanced payments infrastructure. Its initial offerings focus on a seamless, integrated financial experience, combining international spending, UPI payments, budgeting tools, and loyalty programs into one platform. This unique approach aims to simplify financial management for Indian consumers and sets Revolut apart as it enters the competitive digital payments market.