The British fintech received a licence from the Indian central bank last September.
It is planning to launch its services in the country next year.
Revolut, which has confirmed its ambitions to enter India, will offer the largest South Asian market wallets that facilitate both forex and domestic payments through prepaid cards and the Unified Payments Interface (UPI).
Although Revolut India earlier revealed its intentions to target high-end customers in the country, its local CEO, Paroma Chatterjee, confirmed the platform's upcoming services to Financial Express. Revolut India aims to launch its services in the second half of 2025.
Paroma Chatterjee, CEO, Revolut India, Source: LinkedIn
“Our vision is to gradually introduce the full suite of Revolut products to the Indian market, adapting them to meet the unique needs and context of India,” Chatterjee told the local media, adding, “the first significant opportunity we’ve identified lies in the forex space.”
Strengthening Presence in India
As Finance Magnates reported earlier, Revolut India received in-principle authorisation from the country’s central bank to issue prepaid cards and wallets. The company has already been testing its local products with its more than 4,000 local employees.
“Customers will be able to open the wallet, make forex transactions through a card or remittances directly, and make domestic transactions through a prepaid card and UPI using the same wallet,” Chatterjee added. “The entire process of setting up a Revolut account is going to be digitised in just 12 steps.”
In India, Revolut seems to be following its original blueprint of disrupting the traditional financial services industry, which made it a fintech leader in the United Kingdom. It is targeting the FX transactions market, which is dominated by banks that often charge 3 to 5 per cent on every transaction.
“This is something that we are going to change,” said Chatterjee. “We are going to be the most affordable forex player in the country, which has been our USP in the UK and Europe.”
A Lucrative Yet Challenging Market
Revolut has more than 45 million customers globally. Now, with its launch in India, a country with a population of 1.4 billion, the platform is expected to boost those numbers. However, its revenue per client from India might not match the figures from the high-income UK or Europe.
The British fintech's aim to tap UPI might be a brilliant move to tap into the popularity of the payment infrastructure. Launched in 2016, UPI payments is now accepted by the largest hotels to the smallest street vendors in the country.
Meanwhile, Indian central bank data shows that the transaction volume of pre-paid payments using wallets and cards in the country declined by 5 per cent in fiscal 2024. Further, the total share of prepaid instruments for international payments was only 12 per cent of the total volume in September, while the transaction value stood at 0.12 per cent.
Moreover, Indian financial services providers issued about 395 million pre-paid cards as of September, compared to 990 million debit cards. Pre-paid cards also captured only about 20 per cent of the country's payment volume in the last fiscal year.
These circumstances make India a tough market for payment companies like Revolut. Interestingly, Revolut also attempted to enter India earlier but had to abandon its plans due to regulatory obstacles.
Meanwhile, Revolut is one of many foreign fintech companies that have eyed India. Its American rival, Stripe, established a presence in the country in 2016 but received its licence only in January this year. However, strict KYC norms forced Stripe to limit new account openings to “invite only” with plans to enhance its infrastructure next year.
Revolut, which has confirmed its ambitions to enter India, will offer the largest South Asian market wallets that facilitate both forex and domestic payments through prepaid cards and the Unified Payments Interface (UPI).
Although Revolut India earlier revealed its intentions to target high-end customers in the country, its local CEO, Paroma Chatterjee, confirmed the platform's upcoming services to Financial Express. Revolut India aims to launch its services in the second half of 2025.
Paroma Chatterjee, CEO, Revolut India, Source: LinkedIn
“Our vision is to gradually introduce the full suite of Revolut products to the Indian market, adapting them to meet the unique needs and context of India,” Chatterjee told the local media, adding, “the first significant opportunity we’ve identified lies in the forex space.”
Strengthening Presence in India
As Finance Magnates reported earlier, Revolut India received in-principle authorisation from the country’s central bank to issue prepaid cards and wallets. The company has already been testing its local products with its more than 4,000 local employees.
“Customers will be able to open the wallet, make forex transactions through a card or remittances directly, and make domestic transactions through a prepaid card and UPI using the same wallet,” Chatterjee added. “The entire process of setting up a Revolut account is going to be digitised in just 12 steps.”
In India, Revolut seems to be following its original blueprint of disrupting the traditional financial services industry, which made it a fintech leader in the United Kingdom. It is targeting the FX transactions market, which is dominated by banks that often charge 3 to 5 per cent on every transaction.
“This is something that we are going to change,” said Chatterjee. “We are going to be the most affordable forex player in the country, which has been our USP in the UK and Europe.”
A Lucrative Yet Challenging Market
Revolut has more than 45 million customers globally. Now, with its launch in India, a country with a population of 1.4 billion, the platform is expected to boost those numbers. However, its revenue per client from India might not match the figures from the high-income UK or Europe.
The British fintech's aim to tap UPI might be a brilliant move to tap into the popularity of the payment infrastructure. Launched in 2016, UPI payments is now accepted by the largest hotels to the smallest street vendors in the country.
Meanwhile, Indian central bank data shows that the transaction volume of pre-paid payments using wallets and cards in the country declined by 5 per cent in fiscal 2024. Further, the total share of prepaid instruments for international payments was only 12 per cent of the total volume in September, while the transaction value stood at 0.12 per cent.
Moreover, Indian financial services providers issued about 395 million pre-paid cards as of September, compared to 990 million debit cards. Pre-paid cards also captured only about 20 per cent of the country's payment volume in the last fiscal year.
These circumstances make India a tough market for payment companies like Revolut. Interestingly, Revolut also attempted to enter India earlier but had to abandon its plans due to regulatory obstacles.
Meanwhile, Revolut is one of many foreign fintech companies that have eyed India. Its American rival, Stripe, established a presence in the country in 2016 but received its licence only in January this year. However, strict KYC norms forced Stripe to limit new account openings to “invite only” with plans to enhance its infrastructure next year.
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
PayPal Applies to Establish Bank Targeting US Retail and Small Business Lending
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
