Revolut wants to capture India's remittance market

It is also looking to complement its cross-border services with domestic payment capabilities

- Anshika Kayastha & Shayan Ghosh

Four years after starting its India operations, UK-based fintech Revolut is looking to become the fastest cross-border payments platform in the country, promising international transfers and payments within a day.

Armed with a freshly received prepaid payment instrument (PPI) licence by the Reserve Bank of India (RBI), the global fintech platform is also looking to complement its cross-border services with domestic payment capabilities, Paroma Chatterjee, chief executive officer, Revolut India, said in an interview.

"The India environment is such that customers are used to having a separate medium for domestic payments and a different solution for international payments such as a prepaid forex card," said Chatterjee, who joined the Indian subsidiary of the $45 billion fintech's India subsidiary in 2021 from Lendingkart and held senior roles at Airtel Money, Flipkart and Via.com.

With the licences, Revolut has secured, said Chatterjee, one can have both domestic and international payments on the same platform. The platform of one of Europe's most-valued fintechs in India will offer three different kinds of payment options to users—the PPI wallet and a linked prepaid card for domestic payments, a forex card for international merchant payments and the third for remittances.