UK's Revolut to launch India payments platform, eyes 20 million customers by 2030

London-based digital finance firm Revolut said on Wednesday it will launch its payment platform in India, its first foray into one of the world’s largest digital payments markets, as part of a planned global expansion.

Revolut will let Indian users make domestic and international payments via its tie-ups with the Unified Payments Interface and Visa, starting with 350,000 waitlisted customers later this year before opening to others.

The UK-based fintech firm, which said last month it was exploring a US bank purchase and credit card launch at home, is betting on India as a key plank of its global expansion.

It will offer a prepaid card and a digital wallet in India, Paroma Chatterjee, CEO of Revolut India, said.

The firm will use the prepaid payments instrument license it secured from the Reserve Bank of India earlier this year to offer domestic payment services, Chatterjee said.

It also has a license to offer forex services.

The company aims to sign up 20 million customers by 2030, by targeting the ”aspirational youth” demographic, Chatterjee said.

Revolut has invested over 40 million pounds (about $53.7 million) in localising its technology to meet India’s data sovereignty rules, the only market where it has done so, a spokesperson said.