Revolut launches Mobile Wallets, expanding global reach to Bangladesh and Kenya
Source: Press Release
Revolut, the global fintech with more than 40 million customers worldwide, today launches Mobile Wallets for its users in Singapore, a quick and
easy option to send money abroad. Customers can now seamlessly send money to Bangladesh (bKash), and Kenya (M-Pesa) directly from their Revolut app, offering a handy mobile payment option for expats in Singapore.
Mobile Wallets redefine the remittance experience by offering a low-friction, intuitive process. Customers can send money abroad quickly using only recipient IDs such as their name alongside their phone number or email addresses. No more hassle of bank account numbers,
IBANs or SWIFT codes. Bypassing traditional international transfers schemes, the direct connections to a Mobile Wallet reduces potential risks associated with some traditional payment methods, such as money being sent to the wrong account or money being stuck with banks. Mobile Wallets also provide an alternative to international cash transfers, particularly for countries like Bangladesh and Kenya, where cash pick up methods can often be more expensive, and the number of people who have bank accounts is low.
There is a significant number of Bangladeshis living and working in Singapore, playing a crucial role in the development of Singapore’s infrastructure and contributing to many industries such as manufacturing, services and hospitality. Given this, there is a high demand
for remittance services from Singapore to Bangladesh. Bangladesh is also encouraging the inflow of funds into the country. Recently, the Government of Bangladesh launched an initiative to provide a 2.5% incentive on money sent by expatriate Bangladeshis to encourage
them to send money back home. Recognising this demand and responding to the needs of users, Revolut Singapore has enabled the seamless transfer of money for Bangladeshis to their home country through bKash. Countries like Bangladesh and Kenya also heavily rely on Mobile Wallets for various transactions, making Revolut's entry into these two markets timely and impactful. 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. The current Revolut Mobile Wallets pricing for sending the money abroad to Kenya and Bangladesh is 0.4% for Standard users, 0.2% for Premium users and fee-free for Metal users1.
Ashley Thomas, Head of Strategy & Operations, Revolut Singapore, 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.”
Mobile Wallets payment option signifies a leap forward in global financial connectivity, offering users a faster, more intuitive, and expansive cross-border transfer experience. As the world becomes more interconnected, Revolut continues to apply innovations that shape the future of finance.
1 Minimum fee of S$1.49 applies to Standard and Premium users.