Revolut has once again disrupted the financial landscape with the introduction of Mobile Wallets. This feature is set to redefine the remittance experience, providing a quick and seamless option for sending money abroad. For countries like Kenya, where mobile wallets play a pivotal role in daily transactions, this development holds the promise of simplifying cross-border financial transactions.
Mobile Wallets from Revolut are designed to offer users a low-friction, intuitive process for international money transfers. This means that users can now send money abroad swiftly using recipient IDs such as names, phone numbers, or email addresses. This not only streamlines the process but also significantly reduces the risks associated with tother payment methods, such as the possibility of funds being sent to the wrong account details or being stuck with banks.
Revolut customers in the UK and most European countries (EEA) are now empowered to send money to Kenya (M-Pesa) and Bangladesh (bKash) using the Mobile Wallets feature. This expansion aligns with the growing reliance on mobile wallets in countries like Kenya and Bangladesh.
Kenya, in particular, heavily depends on mobile wallets for various transactions, making Revolut’s entry into this market particularly timely and impactful. The launch caters to the needs of expats and international students, offering a convenient mobile payment option directly from the Revolut app.
What Was Said:
Akshat Mittal, General Manager for Revolut International Payments, said, “We’re 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.
“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.”
One of the notable aspects of Mobile Wallets is that they offer an additional way to send money abroad with a pricing structure similar to Revolut bank transfers. To send money to kenya, that will be 0.75% (minimum £1).
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