Revolut aims to introduce remittance service in India

Revolut announced plans to introduce a remittance option to move money effortlessly from and to India, TOI reported.

This service will come with no additional cost as the company’s flagship offering in India, Nik Storonsky, co-founder and CEO of Revolut, told TOI.

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Revolut is in talks with the Reserve Bank of India, as well as other local banks and fin-tech startups for the launch.

CEO of Revolut also disclosed that he would prefer to start this year already as India is potentially a big market.

The launch of the feature is going to depend on RBI, as well as on potential partnerships with local banks. Revolut already planned to launch some services in India during the last year. However, the global pandemic situation forced it to change those plans.

“We will initially focus on remittances as it is our strongest product. As soon as we get decent traction, we will offer other products, like insurance,” Storonsky said.

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“With border-less accounts, you are able to have local accounts in almost any country. For example, when you are an Indian and go to the US, you won’t need to use a local US bank account,” he added.

Revolut’s expansion to India is not the only goal of the company in the Asian region. The challenger bank is willing to enter the market in countries like Indonesia, the Philippines, and South Korea.