Rêv launches Multi-Currency Digital Wallet App for Itaú Private
By Edlyn Cardoza
Recently, Rêv Worldwide, Inc., a payment products innovations company, announced a partnership with Banco Itaú International with the official launch of the Itaú Global Wallet, an app-based digital payment account available exclusively to Itau’s international Private Bank customers. The Itaú Global Wallet program was developed by Rêv on its proprietary multi-currency payments processing platform and carries the Mastercard brand. Itaú is the largest bank in Latin America and the seventh-largest bank globally, with private bank customers in Brazil and across international markets.
The Itaú Global Wallet is quick and easy to load from the customer’s foreign accounts at Itaú Private Bank, allowing users to instantly transfer funds to their Global Wallet account linked to a personalized Mastercard debit card. The program also includes access to a virtual Mastercard card for online shopping and real-time exchange functionality across seven currencies, including the U.S. Dollar, British Pound, Euro, Swiss Franc, Japanese Yen, Canadian Dollar, and Brazilian Real. The Itaú Global Wallet Mastercard(s) can also be added to Apple, Samsung, and Google mobile wallets. As an industry first, the program delivers personalized, private bank customer service without the annual fees and interest charges associated with premium credit cards.
“Today more than ever private bank customers around the world expect the best products and services available in the market, so we couldn’t be more proud of being selected by Itaú to deliver a solution that meets their customer’s needs,” said Roy Sosa, Chairman and CEO, Rêv Worldwide, Inc.
The Itaú Global Wallet comes when banks across the world face even more competition from challenger banks, offering robust functionality available through innovative digital experiences.
According to a report by Swiss digital banking tech provider Banking, Payments: Context (BPC) and Dutch FinTech consultancy firm Fincog, digital banking in Latin America has grown exponentially in the last few years. The number of digital banks more than doubled to around 52 independent neo banks in 2021. Brazil leads the region both in terms of sector development and consumer adoption. Out of the 52 neo banks identified, 24 are from Brazil, and out of 77 million neo bank customers in 2021, 63.5 million are located in Brazil, or 82.5% of the region’s total neo bank customers, the research found.
“While the development of innovative financial services continues to move at a rapid pace, we continue to stay focused on delivering on what our customers need to meet their financial services expectations. The Itaú Global Wallet product fits that strategy well,” said Fernando Beyruti, Global Head of Itaú Private Bank.
IBSi Daily News Analysis
May 26, 2023
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