Global fintech and funding innovation ecosystem

Revolut Launches New International Mobile Wallet Service

Innovation | Jan 30, 2024

Revolut mobile wallet image - Revolut Launches New International Mobile Wallet Service

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.

See:  McKinsey Global Payments On Cusp of ‘Decoupled Era’

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.

See:  How Permissioned DeFi Will Transform Global Payments

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.


NCFA Jan 2018 resize - Revolut Launches New International Mobile Wallet ServiceThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

Latest news - Revolut Launches New International Mobile Wallet ServiceFF Logo 400 v3 - Revolut Launches New International Mobile Wallet Servicecommunity social impact - Revolut Launches New International Mobile Wallet Service

Support NCFA by Following us on Twitter!







NCFA Sign up for our newsletter - Revolut Launches New International Mobile Wallet Service




 

Leave a Reply

Your email address will not be published. Required fields are marked *

1 × 1 =