Revolut has introduced “Mobile Wallets” to enhance international money transfers. This new service enables users to send money abroad using the recipient’s
essential information, including their name, phone number, or email address. According to a report by altfi, the platform eliminates the need for complicated bank details, reducing the risk of errors.
Revolut’s commitment to meeting the diverse needs of
its 35 million customers is evident as it opens up new routes for “Mobile
Wallets.” Customers in the UK and most countries in Europe can send money to Kenya through M-Pesa and to Bangladesh through bKash.
In particular, this feature will benefit expatriates and
international students, offering a direct, convenient, and swift method to
transfer funds directly through the Revolut app, the company explained.
Expanding Offerings for Revolut’s Users
With over 500 million monthly transactions, Revolut
is expanding in the digital economy. The launch of ‘Mobile Wallets’ is a
strategic move to empower individuals and families globally. By adapting to the evolving needs of the digital
landscape, Revolut aims to simplify the complexities of cross-border finance,
ensuring affordability and convenience for users around the world.
Last year, Revolut reported a surge of 45% in revenue, crossing the $1.1 billion mark for the fiscal
year 2022. Notably, the firm’s revenue from cards and interchange experienced a
remarkable increase of 105% increase, reaching $377 million, Finance Magnates
reported.
Subscription revenue followed suit,
surging by 48% to $195 million, while interest income witnessed a staggering
ascent from $2.1 million in 2021 to an impressive $102 million in 2022. Revolut
excelled financially and welcomed over 10 million new customers, marking a
substantial year-over-year growth of 71%.
With a current global customer base
surpassing 35 million, the platform noted a 55% uptick in customers subscribing
to paid plans. Revolut’s CEO, Nik Storonsky, emphasized the year’s
accomplishments. He highlighted the company’s expansion into new markets, the
introduction of multiple products, and the reinforcement of risk, compliance ,
and governance infrastructure.
Revolut has introduced “Mobile Wallets” to enhance international money transfers. This new service enables users to send money abroad using the recipient’s
essential information, including their name, phone number, or email address. According to a report by altfi, the platform eliminates the need for complicated bank details, reducing the risk of errors.
Revolut’s commitment to meeting the diverse needs of
its 35 million customers is evident as it opens up new routes for “Mobile
Wallets.” Customers in the UK and most countries in Europe can send money to Kenya through M-Pesa and to Bangladesh through bKash.
In particular, this feature will benefit expatriates and
international students, offering a direct, convenient, and swift method to
transfer funds directly through the Revolut app, the company explained.
Expanding Offerings for Revolut’s Users
With over 500 million monthly transactions, Revolut
is expanding in the digital economy. The launch of ‘Mobile Wallets’ is a
strategic move to empower individuals and families globally. By adapting to the evolving needs of the digital
landscape, Revolut aims to simplify the complexities of cross-border finance,
ensuring affordability and convenience for users around the world.
Last year, Revolut reported a surge of 45% in revenue, crossing the $1.1 billion mark for the fiscal
year 2022. Notably, the firm’s revenue from cards and interchange experienced a
remarkable increase of 105% increase, reaching $377 million, Finance Magnates
reported.
Subscription revenue followed suit,
surging by 48% to $195 million, while interest income witnessed a staggering
ascent from $2.1 million in 2021 to an impressive $102 million in 2022. Revolut
excelled financially and welcomed over 10 million new customers, marking a
substantial year-over-year growth of 71%.
With a current global customer base
surpassing 35 million, the platform noted a 55% uptick in customers subscribing
to paid plans. Revolut’s CEO, Nik Storonsky, emphasized the year’s
accomplishments. He highlighted the company’s expansion into new markets, the
introduction of multiple products, and the reinforcement of risk, compliance ,
and governance infrastructure.
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- Source: https://www.financemagnates.com//fintech/revolut-introduces-mobile-wallets-for-swift-international-transfers/
