British fintech giant Revolut has begun offering its services to users in India as part of a controlled beta program ahead of a full-scale launch. The company opened registrations earlier this year, and several thousand users on the waitlist now have access to the app, reports Techcrunch.com reports .
A Revolut spokesperson stated that a localized beta version of the app for the Indian market is now available on the Google Play Store and Apple App Store. The goal of this phase is to gather feedback on product performance and improve customer experience before opening the platform to the general public. Currently, about 450,000 people are on the waitlist.
Beta participants can use UPI payments, e-wallets, local and multi-currency debit cards, and virtual cards. However, due to banking license requirements, family or joint accounts will not be offered in the Indian market. The company plans to open registration to all users in the near future.
Revolut has been working on entering the Indian market since 2021. In 2022, the company acquired Arvog Forex to strengthen its regulatory capabilities and obtained a PPI license from the Reserve Bank of India. This license allows the company to offer services integrated with digital wallets and the UPI network.
The company aims to attract 20 million users in India by 2030 and process at least $7 billion in transactions. Revolut primarily targets tech-savvy users aged 25 to 45.
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