British fintech giant Revolut is making its India debut — and it's happening right now, quietly, with a carefully curated group of early testers.
The company has officially begun rolling out its services to a select slice of its roughly 450,000 waitlisted Indian users. This marks a significant moment in its years-long push into one of the world's fastest-growing digital payments markets.
So far, only a few thousand users have been granted access to the localized beta app, which is now available on both Google Play Store and Apple's App Store.
Beta testers can access UPI payments (India's government-backed real-time payment system), use e-money wallets, grab domestic prepaid cards, multi-currency cards, virtual cards, and disposable cards. The company is gathering feedback before rolling out its Lifestyle and RevPoints offerings to the broader audience.
Revolut has been building its India operations since 2021, acquiring Arvog Forex in 2022 to strengthen its regulatory position. The company obtained a prepaid payment instrument (PPI) license from India's Reserve Bank, which allows it to issue prepaid cards, support digital wallets, and access the UPI network.
One thing Indian users won't get — at least not initially — is family or joint accounts. The fintech says those require a full banking license, which it does not currently hold in India.
Revolut told TechCrunch it plans to open the app to direct onboarding for all users in the near future, though the company did not provide exact timelines. The rollout tests the beta user base, resolves technical issues, then expands into a market where UPI alone processed a record 23.2 billion transactions worth ₹29.9 trillion in May alone.
The move represents Revolut's serious entry into India's digital payments market.
