Daily Dash: Revolut To Expand Domestic Presence In India Following New Approval

April 15, 2024
Revolut is ready to expand into new payments products in India following a key regulatory approval, while fraud cases in Denmark more than doubled during 2023.

Revolut To Expand Domestic Presence In India Following New Approval

Revolut has received an in-principle authorisation from the Reserve Bank of India (RBI) to issue prepaid instruments (PPI), prepaid cards and wallets within India.

This will add to Revolut’s existing status in India as a Category II Authorised Dealer (ADII), allowing it to issue multi-currency forex cards and offering cross-border remittances.

“We are now in a position to work towards offering Indian consumers both international and domestic payment solutions on a single platform,” said Sumedha Uppal, marketing manager at Revolut India.

“Not only does this increase our total addressable market by a mile, it is a continued reminder of the faith that the regulator has in us.”

Earlier this month, Revolut, which now boasts more than 40m users, secured a licence to launch in Mexico. However, its UK banking licence application remains in limbo.

Fraud Cases More Than Double In Denmark

Danish banks registered a total of 9,127 cases of online banking fraud in 2023, according to trade association Finance Denmark. This is more than twice as many cases as the previous year.

According to the trade association, criminals attempted to make over DKK225m ($32.1m) in fraudulent transactions. 

Although banks were able to prevent fraud in more than half of the cases, 3,842 cases ended with a loss for either the customer or the bank of a total of DKK104.9m ($15m). 

"Unfortunately, we have to state that IT-related financial fraud is increasing year on year, and this also applies to online banking fraud," said Michael Busk-Jepsen, digitisation director at Finance Denmark. 

"It most often occurs when the criminal persuades the victim to either transfer money to the criminal's account himself or to hand over information so that the criminal can do so himself."

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