Revolut introduces Mobile Wallets in Singapore

By launching Mobile Wallets in the region, Revolut aims to improve the overall remittance experience by providing a low-friction, intuitive process, with customers being able to send money abroad using recipient IDs, including name, phone number, and email address. This eliminates the need for bank account numbers, IBANs, and SWIFT codes. In addition to avoiding traditional international transfer schemes, direct connections to a Mobile Wallet aim to minimise potential risks associated with some traditional payment methods, including money being sent to the wrong account or being stuck with banks. Moreover, Mobile Wallets are set to offer an alternative to international cash transfers, especially for countries such as Bangladesh and Kenya, where cash pick-up methods can be more costly and the number of individuals with bank accounts is decreased.

Considering that there is a significant number of Bangladeshis residing and working in Singapore and having an important role in the development of the country’s infrastructure and industries, there is an increased demand for remittance services between the two regions. To support this, the Government of Bangladesh introduced an initiative to offer a 2.5% incentive on funds transferred by expatriate Bangladeshis to encourage them to send money back home. To respond to the needs of customers, Revolut Singapore allowed the simplified transfer of money for Bangladeshis to their home country through bKash.

Furthermore, Mobile Wallets provide an additional method of sending money abroad conveniently and with a similar price structure as Revolut bank transfers. Revolut also underlined that the service can provide convenience, decreased friction, and a wider choice, as users are set to be able to transfer to wallets they like to leverage at home. The current Revolut Mobile Wallets pricing for transfers funds abroad to Kenya and Bangladesh is 0.4% for Standard users, 0.2% for Premium users, and fee-free for Metal users.

According to Revolut’s officials, the launch of Mobile Wallets supports the company’s customers in sending money efficiently, while also minimising the challenges expats face when transferring funds home. By adapting to the evolving demands of the digital economy, the company aims to continue to enable individuals and families globally to navigate the difficulties of cross-border finance. The introduction of the Mobile Wallets payment option focuses on advancing global financial connectivity, providing users with a faster, more intuitive, and expansive cross-border transfer experience.