Revolut Secures In-Principle Approval in India to Issue Prepaid Payment Instruments

Revolut, the global financial super app, announced that it has secured in-principle approval from the Reserve Bank of India (RBI) to issue Prepaid Payment Instruments (PPI), including prepaid cards and prepaid wallets, in the country.

According to Revolut, this authorization will allow the company to operate as a Category-II Authorised Money Exchange Dealer (AD II) and to be able to provide multi-currency forex cards and cross-border remittance services in India.

"I am grateful to the RBI for providing us the opportunity to operate in India, and honoured to be among the 17 hand-picked players who have been entrusted with this licence," stated Paroma Chatterjee, CEO of Revolut. "Over the last two years, we have been tirelessly building the Revolut experience - for India, in India. Being fully compliant with all regulatory requirements is our top priority. India is the only market where Revolut has therefore undertaken the massive task of localising the global tech-stack, in order to comply with local regulations."

This new approval comes after Revolut recently obtained a banking license in Mexico​, signifying the company's continued expansion and global presence.