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Revolut to launch India payments platform, targeting 20 million users by 2030

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Revolut, the London-based digital finance company, will launch its first payments platform in India, marking its entry into one of the world’s largest digital finance markets. The rollout will begin later this year with 350,000 waitlisted users, before expanding nationwide.

The platform will allow users to make domestic and international transactions through partnerships with Visa and India’s Unified Payments Interface (UPI). The fintech firm, valued among Europe’s largest, sees India as a central pillar of its global expansion strategy.

Revolut India CEO Paroma Chatterjee said the company will offer prepaid cards and a digital wallet, using a payments license granted by the Reserve Bank of India earlier this year. It also holds authorization to provide foreign exchange services.

The company has invested over £40 million ($53.7 million) to localize its technology and comply with India’s data sovereignty regulations — its only market with such a setup. Revolut aims to onboard 20 million customers by 2030, targeting the country’s rapidly growing “aspirational youth” demographic.

The India launch follows Revolut’s push into banking and credit card services in other major markets, including the U.S. and Europe, as it seeks to become a global payments leader.

India Shies Away from Full Crypto Regulation, Citing Systemic Risk Concerns

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India is unlikely to adopt a comprehensive legal framework for cryptocurrencies, opting instead for partial oversight to avoid exposing its financial system to systemic risks, according to a government document seen by Reuters.

Key Points from the Document

  • RBI’s stance: The Reserve Bank of India believes regulating cryptocurrencies would effectively grant them legitimacy and could allow the sector to grow into a systemic risk.

  • Legislation status: A 2021 draft bill to ban private cryptocurrencies was never passed. A planned 2024 discussion paper was deferred pending U.S. regulatory clarity.

  • Ban vs. regulation: While a ban could curb speculative risks, it would not eliminate peer-to-peer transfers or trading on decentralized exchanges.

  • Current approach:

    • Global exchanges may operate in India if they register locally and comply with anti–money laundering checks.

    • Punitive taxes discourage speculative activity.

    • Current laws act as a deterrent against fraud and illegal use.

  • Scale of adoption: Indians hold about $4.5 billion in crypto assets, which remains non-systemic for financial stability at present.

Global Context

  • United States: Under President Trump, the U.S. legalized wider use of stablecoins via the GENIUS Act (July 2025).

  • China: Continues to ban cryptocurrencies but is considering a Yuan-backed stablecoin.

  • Japan & Australia: Developing cautious regulatory frameworks without aggressive promotion.

Stablecoin Concerns

  • The document highlights that widespread adoption of dollar-backed stablecoins could:

    • Fragment India’s Unified Payment Interface (UPI) system.

    • Weaken domestic payment infrastructure.

    • Create new risks from liquidity shocks and global market volatility.

Outlook

India’s “wait-and-watch” approach underscores a balancing act: deterring speculative trading without granting legitimacy that could make crypto mainstream. While global peers move toward clearer frameworks, India seems intent on limiting crypto’s footprint in its financial system until international standards stabilize.

RBI Committee Recommends AI Framework for India’s Financial Sector

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A Reserve Bank of India (RBI) committee has proposed a comprehensive framework to develop AI capabilities in the country’s financial sector while managing associated risks. The recommendations, released Wednesday, aim to balance innovation with security and governance.

Key proposals include creating digital infrastructure for building indigenous AI models, establishing a multi-stakeholder committee to assess risks and opportunities, and setting up a fund to support homegrown AI solutions tailored to India’s financial services. The report contains 26 recommendations across six areas: infrastructure, capacity, policy, governance, protection, and assurance.

Other notable suggestions include integrating AI with digital public platforms such as the Unified Payments Interface (UPI) and designing audit frameworks for responsible AI adoption. The committee, led by IIT Bombay computer scientist Pushpak Bhattacharyya, was tasked with developing the Framework for Responsible and Ethical Enablement of AI (FREEAI). The RBI emphasized that regulating AI requires balancing societal benefits with risk mitigation.