1. British fintech Revolut is launching in India, aiming to address the underserved cross-border payments market in the country. Indians are estimated to spend around $30 billion overseas annually, losing about $600 million in bank charges.
2. Revolut has obtained necessary regulatory approvals such as a prepaid payment instrument (PPI) license from the Reserve Bank of India and acquired Arvog Forex to offer remittance and multi-currency account services in India.
3. Revolut plans to challenge traditional banks, targeting 20 million users by 2030, and offering a differentiated experience compared to players that rely on bank partnerships, with features like prepaid wallets, dedicated kids and teens accounts, and budgeting tools.