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Revolut Launches New International Mobile Wallet Service

Innovation | Jan 30, 2024

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Image: Revolut's website

Revolut has launched Mobile Wallets, a new feature enabling quick international money transfers using recipient IDs like name, phone number, or email.

Initially available for UK and most European (EEA) customers, it allows transfers to Bangladesh (bKash) and Kenya (M-Pesa), with plans to expand to more routes. This service aims to simplify remittances, reduce risks associated with traditional payment methods, and cater to the needs of expats and international students. It offers an easy (low friction), low-cost transfer option, aligning with the evolving digital economy's demands.

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Akshat Mittal, General Manager for Revolut International Payments:

We’re delighted to launch Mobile Wallets so that Revolut customers can send money in a flash. Sending money home is a problem many expats face and so it is essential to provide a service that simplifies this and facilitates affordable and convenient international money transfers.

Revolut's Mobile Wallets feature, designed to simplify and expedite international money transfers, does not specifically mention any insurance or guarantees for the transfers. This new feature allows users to send money abroad quickly using only recipient IDs, such as their name along with their phone number or email address, reducing the risk of sending money to the wrong account by eliminating the need for detailed account numbers and bank details.

The service follows Revolut's standard pricing structure for international bank transfers, with a typical delivery time of instant processing, and the recipient's wallet receiving the funds within about 30 minutes. This feature is particularly beneficial for expats and international students, providing a convenient and efficient way to manage cross-border finance.

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It's important for users to understand the terms and conditions of Revolut's services, including any protections or lack thereof for transferred funds. For detailed information on this aspect, it would be advisable to consult Revolut's official customer service or review their terms of service directly.

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