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Revolut rolls out services to thousands of users in India ahead of broaderlaunch
Revolut has begun a controlled beta rollout of its services in India, targeting a significant digital payments market. Thousands of users are accessing a localized app offering UPI payments and various card services. The company's goal is to onboard up to 20 million users by 2030 as it seeks to compete with established players in one of the world's most competitive fintech landscapes.
Key points
- Revolut launched a beta version of its app in India, available on Google Play and Apple App Store, focusing on user feedback.
- Approximately 450,000 users are on a waitlist, with thousands already accessing features like UPI payments and multi-currency cards.
- The Indian digital payments market, dominated by UPI, has seen a significant increase in transaction volumes, processing billions monthly.
- Revolut plans to expand its offerings, including Lifestyle and RevPoints services, but will not provide family accounts due to licensing issues.
- After entering India in 2021, Revolut acquired Arvog Forex and obtained a PPI license to enhance its local presence.
- Targeting digitally savvy consumers aged 25-45, Revolut aims for 20 million users by 2030, helped by growing interest reflected in recent app download statistics.
Why it matters
- The explosion of digital payment platforms, similar to the rapid growth seen with UPI in India, reflects broader global trends in fintech.
- Emerging markets are becoming crucial for global fintech expansion, as seen by Revolut's download growth in Brazil, Thailand, and Vietnam.
- India's digital transformation aligns with tech trends emphasizing user experience and regulatory compliance to secure market entry.
Revolut's beta launch in India symbolizes a strategic move into a rapidly growing digital payments sector, positioning it to compete with established players and adapt to local regulatory environments, aiming for significant user growth by 2030.