Revolut calls for ‘passport equivalent’ financial identity

UK-based fintech Revolut is seeking to replicate its global approach to cross-border payments in India, targeting smoother transactions in key segments such as travel and education, a top executive said.

- Priyamvada C.

UK-based fintech Revolut is seeking to replicate its global approach to cross-border payments in India, targeting smoother transactions in key segments such as travel and education, a top executive said.

“Over the last year, we have built an integrated platform for domestic and international transactions. India is increasingly becoming more global and the consumer need in sectors like travel and education is burgeoning,” Revolut India’s chief executive Paroma Chatterjee said in a fireside chat at Mint’s BFSI Conclave.

The firm has made Unified Payments Interface (UPI) and Visa tie-ups to facilitate these payments.

With the number of Indians going abroad to study nearly doubling in the last year to about 1.5 million students, Chatterjee highlighted the growing opportunity of simplifying overseas payments for essential services such as payment of fees, monthly maintenance costs like rent and other living expenses.