UK-based Revolut, one of Europe's startups, has launched its digital banking app in Japan.
The entrance is Revolut's first in a non-English speaking market. The company, which offers banking services on a mobile app, will initially roll out a limited number of functions in Japan, including international transfers and managing money in 23 currencies. Registered users will also receive a Revolut-branded Visa debit card.
While demand in Japan for tourism and business travel has evaporated due to COVID-19, Revolut said thousands of expatriates living in the country have already signed up. Over time, it wants to attract Japanese users and generate revenue through monthly subscription plans. It plans to add reward programs and other functions to boost its appeal.
The expansion into Japan comes as the government steps up efforts to upgrade its financial sector with digital technology, including a planned overhaul of its legacy interbank transfer system. Japanese still rely heavily on cash and ATMs, even though mobile apps have become mainstream in China.
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