This functionality simplifies the process by requiring only the recipient's essential identification details, such as their name and either phone number or email address. The Mobile Wallets feature aims to minimize the risk associated with traditional transfers by eliminating the need for complex account numbers and bank details. It facilitates quick transactions, allowing users to send money promptly.
Revolut's officials cited by altfi.com brought up the significance of addressing the common challenge faced by expats in sending money home. They also talked about the company's aim to provide a service that simplifies and enhances the affordability and convenience of international money transfers.
As part of the initial rollout, Revolut customers in the UK and 'most European countries can use Mobile Wallets to send money to Kenya (M-Pesa) and Bangladesh (bKash). The company anticipates expanding this service to additional routes in the near future.
The feature enables customers to transfer funds directly through the app, offering particular convenience to expats and international students. Transactions using Mobile Wallets will 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 conducting more than 500 million monthly transactions according to altfi.com, Revolut anticipates that the introduction of Mobile Wallets will contribute to an increase in transaction volumes.
In December 2023, Revolut revealed its plans to suspend some of its cryptocurrency services in the UK due to new rules. Revolut obtained registration with the Financial Conduct Authority (FCA) to offer cryptocurrency services in the UK in September of the previous year.
This move came in response to the new regulations introduced by the FCA governing promotions, which took effect in October 2023. Starting 3 January 2024, Revolut Business clients in the UK lost the ability to purchase crypto through the platform, while retaining the ability to hold and sell existing holdings according to Coindesk.
In November 2023, Revolut introduced Trading Pro to improve the trading experience of customers across the EEA. Trading Pro offers tools and insights that were specifically designed for advanced traders to improve their trading experience. The subscription, available in the European Economic Area (EEA), is provided by Revolut Securities Europe UAB and can be added to existing Revolut plans, with the exception of the Ultra plan, which already includes Trading Pro free of charge.
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