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UK-headquartered payments startup Revolut India is awaiting final approval from the Reserve Bank of India for a prepaid payment instrument (PPI) licence, commonly referred to as mobile wallet licence. The company received the in-principle nod in April 2024.
“We will leverage this licence for our domestic payments side of the business. With PPI, we can also issue our own UPI handle and with interoperability, the entire merchant payment network will open up for our customers,” said Paroma Chatterjee, CEO, Revolut India.
Another UK-based fintech Tide, which offers financial services to small businesses, has also applied for the PPI licence, two people in the know said. The company is yet to receive the in-principle nod from RBI, they said.
Tide declined to comment.
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