Revolut has announced Mobile Wallets, a cross-border payments solution designed to simplify the process of sending money abroad.
The London-based fintech unveiled its new service Mobile Wallets this morning, detailing an aim to make cross-border payments simple and easy for its 35 million customers worldwide. In order to send money abroad, its users will need their ID, name and phone number or email address.
Currently, customers in the UK and most European countries can send money to Bangladesh (bKash), and Kenya (M-Pesa), with other wallets routes expected to be launched soon.
Akshat Mittal, GM, Revolut International Payments, commented: “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.”
The London-based fintech giant added that ”countries like Bangladesh and Kenya heavily rely on Mobile Wallets for various transactions, making Revolut’s entry into these two markets timely and impactful’, explaining that the service is aimed towards expats and international students living abroad.
One benefit of the new service emphasised by Revolut is that Mobile Wallets reduce potential risks associated with some traditional payment methods such as money being sent to the wrong account details or money being stuck with banks.
Mittal added: “By continuously adapting to the evolving needs of the digital economy, we hope to continue to empower individuals and families around the world to navigate the complexities of cross-border finance with ease.”
This expansion of Revolut’s cross-border offering follows a successful 2023 for the company, which has emerged as one of the world’s most popular neobanks since foundation in 2015.
Last year’s accounts saw Revolut detail revenue of over $1.5bn. On the other hand, recent months have not all been positive, with the firm facing a law-suit in Illinois over alleged “unlawful” biometric data collection, whilst back in the UK it is still awaiting a long-sought after banking licence.