Revolut Payments

Just spotted in local media this info:

First step towards becoming a Bank. Some countries like India also, offer new financial institutions to be registered as “Payments Banks” wherein they cannot lend money but take deposits and be used primarily of “payments” services, which we mostly already do.

In this case some companies like Google want to remain as payments provider only whereas Revolut will use this to scale up in becoming a full-fledged bank.

The main difference for Revolut here in getting this license is that it doesn’t not have to now contract the services of Traditional Banks for their money services but can have it’s own infrastructure to operate.