UK-based digital bank Revolut is reportedly planning to extend its instant money transfer service to and from India at zero cost.
The challenger bank is currently in talks with the country’s central bank Reserve Bank of India (RBI), local banks, and fintech startups for the launch, the Times of India (TOI) reported.
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Revolut, which is valued at $5.5bn, also intends to offer its borderless accounts to Indians as part of the launch.
These accounts can be used across the US, Europe, and Australia, the report added.
Revolut co-founder and CEO Nik Storonsky said that he would like to offer these services as its flagship product in India, starting this year.
However, the launch is subject to receipt of approval from the RBI, and Revolut’s partnerships with local banks.
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By GlobalDataInitially, Revolut planned to foray into India last year but the Covid-19 pandemic halted those plans.
Storonsky said: “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.
“With borderless 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 will not need to use a local US bank account.”
Revolut will slowly launch its “freemium” plans, in which users have to pay a fee for certain services beyond a limit, the TOI report added.
The DST Global-backed challenger also plans to hire 300 people in India to manage both its local and international operations. Currently, it has a team of seven in India.
Revolut is also in the process of hiring a CEO for its India unit.
The launch is a part of its global expansion strategy. Revolut intends to set up shop in Indonesia, the Philippines, and South Korea as well.
The digital bank, which is now turning into a financial super app, offers money transfers, investment in stocks, cryptocurrencies, and other services.
