Revolut India Expands Offerings with RBI Approval for Payment Instruments

Revolut India Expands Offerings with RBI Approval for Payment Instruments

Time Stamp: April 12, 2024 11:23 AM
Revolut India Expands Offerings with RBI Approval for Payment Instruments PlatoBlockchain Data Intelligence. Vertical Search. Ai.

Revolut India has recently announced that it has received an
in-principle authorization from the Reserve Bank of India (RBI) to issue
Prepaid Payment Instruments, including prepaid cards and wallets. This
development adds to the company’s existing authorization to operate as an ADII,
with permissions granted by the RBI for issuing multi-currency forex cards and
providing cross-border remittances.

This authorization marks a milestone for Revolut India, as
it enables the company to offer both international and domestic payment
solutions to Indian consumers through a single platform. Expressing gratitude
towards the RBI for the opportunity to operate in India, Revolut India’s CEO, Paroma
Chatterjee, noted the honour of being selected among the 17 entities granted
this license.

Paroma Chatterjee, CEO, Revolut India, Source: LinkedIn

“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,” she added.

Anticipating the introduction of its services to Indian
customers, Revolut India aims to bring the global Revolut experience to the
Indian market gradually. With over 175,000 prospective customers already on the
waitlist, the company looks forward to catering to the needs of Indian
consumers.

Revolut Expands with Banking License Approval in Mexico

Revolut
has expanded its operations by obtaining a banking license in Mexico,
allowing it to establish itself as a bank in Latin America, as reported by Finance Magnates. The approval from
Comisión Nacional Bancaria y de Valores enables Revolut to offer a wide range
of financial products and services to Mexican users.

The company plans to focus on cross-border remittances,
leveraging Mexico’s lucrative market, where remittances reached a record $63.3
billion in 2023, predominantly from the United States. Additionally, Revolut
holds a banking license in the European Economic Area, granted by the central
bank of Lithuania, while operating with a payments institution license in the
UK as it awaits processing of its banking license application there.

Revolut India has recently announced that it has received an
in-principle authorization from the Reserve Bank of India (RBI) to issue
Prepaid Payment Instruments, including prepaid cards and wallets. This
development adds to the company’s existing authorization to operate as an ADII,
with permissions granted by the RBI for issuing multi-currency forex cards and
providing cross-border remittances.

This authorization marks a milestone for Revolut India, as
it enables the company to offer both international and domestic payment
solutions to Indian consumers through a single platform. Expressing gratitude
towards the RBI for the opportunity to operate in India, Revolut India’s CEO, Paroma
Chatterjee, noted the honour of being selected among the 17 entities granted
this license.

Paroma Chatterjee, CEO, Revolut India, Source: LinkedIn

“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,” she added.

Anticipating the introduction of its services to Indian
customers, Revolut India aims to bring the global Revolut experience to the
Indian market gradually. With over 175,000 prospective customers already on the
waitlist, the company looks forward to catering to the needs of Indian
consumers.

Revolut Expands with Banking License Approval in Mexico

Revolut
has expanded its operations by obtaining a banking license in Mexico,
allowing it to establish itself as a bank in Latin America, as reported by Finance Magnates. The approval from
Comisión Nacional Bancaria y de Valores enables Revolut to offer a wide range
of financial products and services to Mexican users.

The company plans to focus on cross-border remittances,
leveraging Mexico’s lucrative market, where remittances reached a record $63.3
billion in 2023, predominantly from the United States. Additionally, Revolut
holds a banking license in the European Economic Area, granted by the central
bank of Lithuania, while operating with a payments institution license in the
UK as it awaits processing of its banking license application there.

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