Global fintechs bet on India's prepaid forex cards as travel demand surges

Global fintechs like Revolut and Wise are lining up multicurrency prepaid forex cards for booming outbound traveller base, offering lower markups, wider acceptance, smoother cross-border transactions

Global fintech players are leveraging their global reach and cross-border licensing capabilities as they eye India’s rapidly-expanding base of outbound travellers by offering multicurrency prepaid forex cards.

 

International fintech firms are banking on lower markups, better acceptance, and faster payments processing when it comes to their plans to issue these cards in India.

 

UK-based Revolut, which received the Reserve Bank of India’s (RBI) prepaid payments instruments (PPI) authorisation earlier this year, is issuing a domestic card and a multicurrency prepaid card, for which it has an authorised dealer II (AD-II) licence.

 

In total, the firm has over four lakh waitlisted