Fintech Brief — June 02, 2026
Revolut Begins Controlled Beta Rollout in India, Targets 20M Users by 2030
British fintech giant Revolut has quietly started onboarding waitlisted users in India as part of a controlled beta programme, marking a significant milestone in its years-long effort to crack the Indian market. A few thousand users have already gained access to the localised app, which is available on both Google Play Store and Apple’s App Store.
Beta users can access UPI payments, e-money wallets, domestic prepaid cards, multi-currency cards, virtual cards, and disposable cards. Revolut plans to add its Lifestyle and RevPoints offerings before a broader launch, which CEO for India Paroma Chatterjee had previously indicated was targeted for Q2 2026. The company has built a waitlist of approximately 450,000 users and has recorded nearly 820,000 app downloads in India since going live on app stores.
Revolut acquired Arvog Forex in 2022 and secured a Prepaid Payment Instrument (PPI) license from RBI, enabling it to issue prepaid cards and integrate with UPI. It aims to onboard 20 million Indian users by 2030 and process at least $7 billion in transactions, targeting the 150 million “globally aspiring, digitally native” Indians aged 25–45.
Coinbase Launches Direct INR Trading in India via IMPS
Coinbase has formally activated direct Indian rupee (INR) deposits and withdrawals for Indian users, effective June 1, 2026. The US-listed crypto exchange is using the Immediate Payment Service (IMPS) rails — making it the only major international crypto exchange offering direct rupee payment integration in India.
The launch includes a local INR order book, spot trading, and perpetual futures markets. Indian users can now move funds directly between their bank accounts and Coinbase without relying on P2P workarounds or third-party intermediaries that have long complicated crypto trading in the country. Coinbase has also registered with India’s Financial Intelligence Unit (FIU-IND) for regulatory compliance.
Coinbase first attempted to enter India in 2022 but was blocked within days when NPCI distanced itself from the UPI integration. This time around, Coinbase is building direct banking rails — signalling a more measured, regulation-first approach. India’s crypto market was valued at $3.04 billion in 2025 and is projected to reach $14.21 billion by 2034.
UPI Hits Record 23.2 Billion Transactions in May, Value Crosses ₹29.9 Lakh Crore
UPI continued its relentless growth, processing a record 23.2 billion transactions worth ₹29.9 lakh crore (~$313.8 billion) in May 2026, according to NPCI data. Volume grew 24% year-on-year (from 18.67 billion in May 2025), while value was up 19% YoY.
The surge was driven by a combination of summer travel spending, IPL 2026 fever, and seasonal consumer activity. Month-on-month, value rose 3% from ₹29.03 lakh crore in April, showing a healthy recovery trajectory. UPI now accounts for nearly half of global real-time payment transaction volume.
Source: The Hindu · Business Standard
LIC Explores Fintech Foray, Weighs Strategic Investments and Partnerships
Life Insurance Corporation of India (LIC), the country’s largest insurer with over ₹40 lakh crore in assets under management, is actively considering establishing a dedicated fintech arm through either strategic investment or an organic build. CEO R Doraiswamy told PTI that LIC is engaging with fintech and insurtech startups to modernise its technology stack and expand its digital capabilities.
This move signals India’s traditional financial institutions increasingly looking to fintech partnerships for digital transformation — a trend that could create significant opportunities for Indian insurtech startups.