Revolut launches Mobile Wallets to boost cross border payments
By Gloria Methri
Revolut, the global financial super app has launched Mobile Wallets, offering its customers a new quick and easy option to send money abroad.
Mobile Wallets redefines remittance experiences by offering a low-friction, intuitive process. Users can transfer money abroad instantly using only recipient IDs such as their name, their phone number or email addresses.
Mobile Wallets reduce potential risks associated with some traditional payment methods such as money transfers to the wrong account details or amounts being stuck with banks. Now, Revolut customers in the UK and most European countries (EEA) can send money to Bangladesh (bKash), and Kenya (M-Pesa) using Mobile Wallets, with other wallet routes expected to be launched soon.
Countries like Bangladesh and Kenya heavily rely on mobile wallets for various transactions, making Revolut’s entry into these two markets impactful. Customers can seamlessly send money to bKash, and M-Pesa directly from their Revolut app, offering a handy payment option for expats and international students living abroad.
Akshat Mittal, General Manager for Revolut International Payments, said, “We are 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.”
He 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.”
Mobile Wallets offer an additional way to send money abroad quickly and with a similar price structure as Revolut bank transfers. The potential benefits are greater ease, less friction, and a wider choice, as customers will be able to transfer to wallets they like to use at home.