Revolut has started offering services to thousands of Indian users through its app, marking an early entry before its planned wider market rollout. The move comes as the company seeks a foothold in one of the world's fastest-growing digital payments markets.
Early Access Phase
Users in India can now access the Revolut app for limited functions including international money transfers and virtual cards. The company confirmed this initial phase serves as a testing ground before full service activation. No regulatory approval for broader operations has been granted yet, but the early access is live for those who've downloaded the app.
Market Strategy
India represents a critical target for Revolut's global expansion. The country's digital payment transactions jumped 45% last year, driven by government-backed infrastructure and smartphone adoption. By starting with basic features, Revolut aims to build user experience data while navigating local compliance requirements. The company hasn't set a date for full service launch, which would require Reserve Bank of India approval.
Regulatory Hurdles
Payment service providers must obtain specific licenses from the Reserve Bank of India to operate domestically. Revolut hasn't applied for a full license yet, according to regulatory filings. The company's current approach allows it to serve customers without triggering full compliance requirements. Financial regulators have warned foreign payment apps about operating before securing proper authorization.
Next Steps
Revolut plans to formally apply for an operating license later this year. The Reserve Bank of India decision timeline remains uncertain. Users currently face restrictions on local payments and rupee deposits. The company must adjust its service model to meet Indian data localization rules before full launch.
RBI officials haven't commented on Revolut's early access phase. The regulator is expected to review the company's full license application next quarter.
