UK-based fintech giant, Revolut, has introduced its innovative Mobile Wallets feature to streamline the process of sending money abroad. The functionality simplifies transactions by requiring only essential recipient identification details, such as name and either a phone number or email address. This move aims to minimize the complexities associated with traditional transfers, eliminating the need for intricate account numbers and bank details.
The company officials highlighted the common challenge faced by expats in sending money home and emphasized the company's commitment to providing a service that enhances the affordability and convenience of international money transfers. As part of the initial rollout, customers in the UK and most European countries can now utilize Mobile Wallets to send money to Kenya (M-Pesa) and Bangladesh (bKash), with plans to expand this service to additional routes in the near future.
The selection of Kenya and Bangladesh as the first markets aligns with their high adoption rates of mobile wallet solutions. Presently, over 50% of the world's mobile money users reside in Africa, with Kenya leading the continent in adoption. In Bangladesh, more than 100 million people, nearly 60% of the country's population, have registered with mobile financial service providers.
Revolut's Mobile Wallets cater specifically to expats and international students, offering a convenient payment option. With Bangladeshis being one of the UK's largest immigrant groups, the feature addresses the needs of a fast-growing community. Statistics from the Higher Education Statistics Agency (HESA) reveal a remarkable 91% increase in Bangladeshi students enrolled in British universities between the academic years 2020/21 and 2021/22, reaching 12,700.
The feature enables users to transfer funds directly through the app, providing particular convenience to expats and international students. Transactions using Mobile Wallets adhere to Revolut's standard pricing for international bank transfers, with typical delivery times of instant processing and arrival in the recipient's wallet within 30 minutes.
With over 35 million customers and more than 500 million monthly transactions, Revolut anticipates that the introduction of Mobile Wallets will contribute to an increase in transaction volumes. Akshat Mittal, General Manager for Revolut International Payments, expressed the company's delight in launching Mobile Wallets, addressing the common challenge faced by expats and aiming to provide an efficient and cost-effective solution for international money transfers. By adapting to the evolving needs of the digital economy, Revolut seeks to empower individuals and families worldwide to navigate cross-border finance complexities with ease.