Revolut, the UK-based fintech juggernaut, has started onboarding select users in India from a waitlist that has swelled to roughly 450,000 people. The beta rollout, which kicked off quietly in mid-May 2026, is the opening act before a broader launch planned for the second quarter of this year.
India’s digital payments landscape is projected to exceed $10 trillion by 2026, making it one of the most attractive fintech battlegrounds on the planet.
What Revolut is building in India
The initial product offering centers on domestic and international payments. Revolut has integrated with India’s Unified Payments Interface alongside Visa for card-based transactions. This is powered by a prepaid payment instruments license from the Reserve Bank of India, which Revolut secured in 2025. That license allows the company to offer prepaid wallets, cards, and UPI integration.
The waitlist is still growing at a clip of 400 to 500 new signups per day. Revolut has set an ambitious target: 20 million users in India by 2030 and more than $7 billion in transaction volume processed within the country.
A half-billion-pound bet
Revolut has committed £500 million over five years to its Indian operations. The plan involves housing 40% of Revolut’s entire global workforce in India, with a target of approximately 5,500 employees in the country by the end of 2026.
The crypto question hanging over everything
Globally, Revolut supports trading for more than 300 tokens, including Bitcoin and Ethereum. In India, the company has not confirmed any India-specific crypto features. India imposed a 30% tax on crypto gains in 2022 and a 1% tax deducted at source on all crypto transactions, and the RBI has historically been skeptical of private cryptocurrencies. Revolut appears to be prioritizing payments and banking services first, treating crypto as a potential add-on that depends entirely on how India’s regulatory framework evolves.
What this means for investors
India’s payments market is dominated by UPI-native apps. PhonePe and Google Pay together process the vast majority of UPI transactions. Revolut’s edge, if it has one, lies in international payments and multi-currency capabilities, areas where domestic players are weaker.
