Revolut initiates controlled beta rollout in India ahead of broader market entry
With a waitlist of 450,000, Revolut begins onboarding a small subset of Indian users to test its localized app, which offers UPI payments and various card types, as it prepares for a full launch in one of the world’s most competitive digital payments markets.
British fintech Revolut has commenced a controlled beta rollout of its services to a small subset of users in India, marking a significant milestone in its entry into the country’s digital payments market. The company confirmed that a few thousand customers are currently using the platform, which is available as a localized beta version on the Google Play Store and Apple’s App Store. This rollout is part of a broader strategy to enter India, a major market where the government-backed Unified Payments Interface (UPI) dominates real-time payments.
The beta offers access to UPI payments, e-money wallets, domestic prepaid cards, multi-currency cards, virtual cards, and disposable cards. Revolut aims to serve over 150 million digitally native Indians by 2030, with a goal of onboarding 20 million users and processing at least $7 billion in transactions. The company has built a waitlist of approximately 450,000 users in India and is currently onboarding a small subset of these individuals to gather feedback on core product functioning before opening the platform to a larger audience.
Family or joint accounts, available in some of Revolut’s overseas markets, will not be offered in India initially. Such products require a banking license, which Revolut does not currently hold in the country. The company has been building its India business since 2021 and hired fintech executive Paroma Chatterjee to lead its local operations. In 2022, the London-headquartered company acquired Arvog Forex to strengthen its regulatory presence in the country and offer remittance and multi-currency account services. It later secured a prepaid payment instrument (PPI) license from the Reserve Bank of India, allowing it to issue prepaid cards, support digital wallets, and integrate with the UPI network.
Consumer interest in Revolut has been building ahead of its broader India launch. According to Sensor Tower estimates, Revolut’s app has been downloaded nearly 820,000 times in India since it became available in app stores. More than a third of those downloads occurred in 2025 and the first months of 2026. While Revolut’s largest markets by app downloads remain in Europe, the company has increasingly looked to emerging markets for growth, with downloads in Thailand and Vietnam growing significantly in 2025, and downloads in Brazil surging 487 per cent year over year.
A Revolut spokesperson stated the company plans to open the app to direct onboarding of all users in the “near future” but declined to provide a specific timeline. Earlier comments from executive Paroma Chatterjee targeted a full launch in the second quarter. The company plans to add its Lifestyle and RevPoints offerings before expanding the rollout further. UPI accounts for nearly half of global real-time payments transaction volume and processed a record 23.2 billion transactions worth ₹29.9 trillion in May, per Indian government data.
Revolut is targeting India’s growing base of digitally savvy consumers as it seeks to challenge incumbent banks and fintech firms in one of the world’s most competitive financial services markets. The company’s strategy focuses on serving “globally aspiring, digitally native” Indians aged between 25 and 45. The controlled onboarding of waitlisters is designed to enhance the overall customer experience and the value proposition before opening up the platform for a larger audience.
