 "Paroma Chatterjee, chief executive officer (CEO), Revolut India")
At a time when fintechs are aggressively pursuing co-branded credit card partnerships, the Indian arm of UK-based Revolut has focused heavily on prepaid cards as its primary offering, enabling both domestic payments and forex transactions, with a particular emphasis on key corridors linking India to the US, UK, Singapore, Australia, and other countries.
Revolut India is rolling out prepaid cards on the Visa network, and is planning to add 20 million customers in the next five years in the country. It is targeting $7 billion in value processed from these customers during the same time period, Paroma Chatterjee, chief executive officer (CEO), Revolut India, said.
Previously, the financial services player has partnered with Visa across 39 other countries, with India being the latest addition.
The focus on prepaid cards, without any bank on the issuing side, will enable Revolut India to scoop out a higher interchange income.
“It is our own card, and not a co-branded card with a bank… At the back-end, the benefits of a credit card can be theoretically (given) if a (prepaid) proposition is created. We have decided to double down on it in the Indian market,” Chatterjee told Business Standard.
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Ahead of its launch at the Global Fintech Fest 2025, the company had over 350,000 waitlisted customers in India.
It got the prepaid payments instruments (PPI) authorisation from the Reserve Bank of India (RBI) in April this year.
“The demand for rewarding cards is increasing, and it is a white space. By becoming a direct issuer, myself, there is no revenue share with any bank. There is a line of sight to a profitable, sustainable business, similar to a bank’s card business,” she reasoned, when asked about the opportunity in this space.
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The Revolut India app has a unified payments interface, which includes a prepaid wallet with UPI (Unified Payments Interface), a domestic Visa card, and an international multi-currency Visa card.
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