Team siliconindia

• Revolut India launches prepaid Visa cards to boost domestic and forex payments
• Plans to add 20 million customers over the next five years
• Targets $7 billion in transaction value from new users

Revolut India is betting big on prepaid Visa cards as its main product, focusing on both local payments and international money transfers. Unlike many fintechs that push co-branded credit cards with banks, Revolut is issuing its own prepaid cards without involving banks. This strategy helps the company earn higher revenue from interchange fees.

Paroma Chatterjee, CEO of Revolut India, said the company plans to onboard 20 million customers in the next five years and aims to process $7 billion in transactions during this time. The cards are designed to serve key money transfer routes between India and countries like the US, UK, Singapore, and Australia.

Revolut India recently received authorization from the Reserve Bank of India (RBI) to operate prepaid payment instruments. Before the official launch at Global Fintech Fest 2025, over 350,000 people had already signed up on the waitlist.

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The prepaid cards come with domestic Visa cards, international multi-currency Visa cards, and a prepaid wallet integrated with India’s Unified Payments Interface (UPI). By directly issuing these cards, Revolut keeps all revenue without sharing it with banks, making the business model more profitable.

Chatterjee explained that prepaid cards offer opportunities similar to credit cards, and the growing demand for rewarding payment options presents a 'white space' in the market for Revolut to tap into.