Title: Revolut Begins Controlled Beta Rollout in India Ahead of Full Market Entry

British financial technology firm Revolut has commenced a limited beta rollout of its services in India, signaling a major step in its prolonged strategy to penetrate the nation’s rapidly expanding digital payments sector. The company confirmed to TechCrunch that it is currently onboarding a few thousand users from its waitlist, a move that follows the opening of sign-ups for its India-specific application earlier this year.

This controlled launch is designed to allow Revolut to refine its platform before a wider release. A spokesperson for the company explained that the current phase allows them to "gather feedback on core product functioning and enhance the overall customer experience and the value proposition before opening up the platform for a larger audience." The localized beta version of the app is currently accessible via both the Google Play Store and Apple’s App Store.

The entry into India is particularly significant given the dominance of the Unified Payments Interface (UPI), a government-backed system that has revolutionized money transfers for both consumers and businesses. According to official Indian government statistics, UPI processed a record 23.2 billion transactions totaling ₹29.9 trillion (approximately $313.8 billion) in May alone, accounting for nearly half of all real-time payment transaction volume globally.

Revolut’s initial offering to beta testers includes a suite of financial tools, such as UPI payments, e-money wallets, domestic and multi-currency prepaid cards, virtual cards, and disposable cards. The company intends to expand its feature set by introducing Lifestyle services and its RevPoints rewards program in subsequent phases. However, certain products available in other markets, such as joint family accounts, will not be launched in India. Revolut noted that these specific offerings require a banking license, which the firm does not currently hold in the country.

Revolut’s commitment to the Indian market dates back to 2021. The London-based entity appointed fintech veteran Paroma Chatterjee to head its local operations and acquired Arvog Forex in 2022 to bolster its regulatory standing and expand its remittance and multi-currency services. These efforts culminated in the acquisition of a prepaid payment instrument (PPI) license from the Reserve Bank of India, granting Revolut the authority to issue prepaid cards, operate digital wallets, and integrate with the UPI network.

While the company plans to open direct onboarding to the general public in the "near future," it has declined to specify an exact date for the full launch. Previously, Chatterjee indicated via a LinkedIn post that the firm aimed for a comprehensive product launch in the second quarter.

Revolut is targeting a demographic of digitally native Indians aged 25 to 45, aiming to onboard approximately 20 million users by 2030 and process at least $7 billion in transactions. The firm hopes to challenge established banks and fintech competitors in one of the world’s most saturated financial markets.

Consumer anticipation appears high. Data from Sensor Tower, shared with TechCrunch, indicates that the Revolut app has been downloaded nearly 820,000 times in India since its availability in app stores. Notably, more than a third of these downloads occurred in 2025 and the early months of 2026. Although Europe remains Revolut’s largest region for downloads—led by France, the U.K., Spain, Italy, and Germany—the company is increasingly pivoting toward emerging markets. Sensor Tower data highlights this shift, showing download growth of 40% in Thailand and 52% in Vietnam in 2025, alongside a dramatic 487% year-over-year surge in Brazil, where downloads reached 1.8 million.

Source: TechCrunch Generated at: 2026-06-01 14:46:08 UTC