The UK fintech company Revolut has launched a limited test in India, with the first several thousand users beginning to use its localized app. This marks the company’s India market initiative, which has been in preparation for years, entering a validation phase before full-scale rollout.
Revolut is currently onboarding users from its waitlist in batches. According to TechCrunch, citing the company, the Indian version of the app has been launched on Google Play and the Apple App Store, primarily to gather product feedback and refine the user experience before a full rollout.
Which features will be available first?
Users participating in the test can currently use UPI payments, e-wallets, domestic prepaid cards, multi-currency cards, virtual cards, and one-time cards. The company plans to add services such as Lifestyle and RevPoints in the future.
However, family accounts and joint accounts will not be launched in India at this time. Revolut states that these products require a banking license, which the company currently does not hold.
India's payment market is massive.
Revolut is expanding its operations in India, targeting the country's rapidly growing digital payments market. The Unified Payments Interface (UPI), supported by the Indian government, has become the core infrastructure for peer-to-peer and merchant transactions.
According to Indian government data, UPI processed a record 23.2 billion transactions in May, with a total transaction value of ₹29.9 trillion, approximately $313.8 billion. The article states that UPI currently accounts for nearly half of all real-time payment transactions worldwide.
Has been prepared for many years
Revolut has been building its operations in India since 2021, hiring Paroma Chatterjee to oversee local operations. In 2022, the company acquired Arvog Forex to strengthen its compliance framework in India and expand its remittance and multi-currency account services.
Subsequently, Revolut obtained a Prepaid Payment Instrument (PPI) license from the Reserve Bank of India, enabling it to issue prepaid cards, support digital wallets, and integrate with the UPI network. The company stated that it will eventually open direct registration to all users, but did not provide a specific timeline.
Revolut has previously stated its aim to serve 150 million Indian users aged 25 to 45 who prefer digital financial services, with a plan to attract approximately 20 million users by 2030 and process at least $7 billion in transaction volume.
From a global expansion perspective, Revolut’s primary download markets remain in Europe, but the company has been accelerating its presence in emerging markets in recent years. According to third-party analytics firm Sensor Tower, downloads of the app in Thailand and Vietnam are estimated to have grown by 40% and 52% respectively in 2025, while downloads in Brazil surged 487% year-over-year to reach 1.8 million. India is therefore regarded as one of the key markets for its next phase of international expansion.