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Revolut Secures RBI Approval for Prepaid Cards

  • Exciting news! UK-based fintech Revolut has received full authorisation from the Reserve Bank of India (RBI) to issue prepaid payment instruments, including prepaid cards and wallets, with UPI payments.
  • This approval allows Revolut to expand its diverse financial product offerings in India, including cards, personal and business accounts, and payment solutions.
  • According to its website, Revolut posted impressive financial results in 2023, with a total revenue of $2 billion and a profit before tax of $545 million.
  • PPIs, or prepaid payment instruments, facilitate various transactions such as purchasing goods and services, conducting financial services, and enabling remittance facilities.
  • This move signifies Revolut's strategic expansion into the Indian market, aiming to provide comprehensive financial solutions to Indian consumers.

Source: Inc42

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