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Friday, May 24, 2024

RBI grants in-principle approval to Revolut for prepaid payment license

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In Short:

Revolut India has received approval from the RBI to issue prepaid payment instruments in India, allowing the global fintech firm to operate domestically. The approval complements existing licences for multi-currency forex cards and cross-border remittance services, making Revolut the only market to offer a localised version of the app. This move positions Revolut uniquely to offer international and domestic payment solutions in India.

Revolut India Receives Approval from RBI to Issue Prepaid Payment Instruments

Exciting news, folks! Revolut India announced on Friday that it has received a thumbs up from the Reserve Bank of India (RBI) to issue Prepaid Payment Instruments (PPI) in the country. This includes prepaid cards and prepaid wallets, which means that Revolut can now operate as a domestic player in the market. How cool is that?

Expanding Horizons

This approval is in addition to the existing licences that Revolut India already holds from the RBI. They are authorised to operate as a Category-II Authorised Money Exchange Dealer (AD II) and provide multi-currency forex cards and cross-border remittance services. Quite the impressive lineup, don’t you think?

All-in-One Platform

With this new approval, Revolut is now in a unique position in India. They can offer customers both international and domestic payment solutions on a single platform. Convenience at its best!

Revolut, a London-based neobank and financial technology company, has been putting in the work for their entry into India. They’ve been collaborating closely with the RBI for the past two years, and it looks like their efforts have paid off.

Localised Experience

What’s even more interesting is that Revolut is offering a localised version of their app exclusively in the Indian market. Now that’s dedication!

So, here’s to Revolut India and their exciting journey ahead in the world of finance. We can’t wait to see what they have in store for us!

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