By providing telecom services, Revolut becomes a pioneer in this area not only in the country but also globally. The company's latest offering involves eSIMs, which are virtual SIM cards stored digitally rather than physically. These eSIM plans will be gradually rolled out to users starting this week.
For Revolut's basic app users, who don't subscribe to any additional services, they can access a standard eSIM plan. This plan allows them to use the Revolut app to manage their phone top-ups conveniently. For instance, if a Revolut user finds themselves low on data while traveling and using another SIM provider, they can still access the Revolut app to top up their data without any extra charges.
Customers subscribed to Revolut's premium Ultra package at GBP 55 per month will enjoy 3GB of global data every month, with the data allowance resetting monthly. This feature eliminates the concern of unexpected roaming charges when traveling abroad. The rising costs of mobile data usage overseas, especially since the UK's departure from the European Union, have prompted many carriers to reintroduce roaming charges. Revolut's phone plans aim to address this issue by offering affordable and transparent options for international connectivity.
Revolut's partnership with UK mobile network operator 1Global, formerly known as Truphone, facilitates the launch of these eSIM plans. Representatives explained that this expansion into eSIMs aligns with the company's vision of becoming an all-encompassing super app, offering various financial and lifestyle services such as banking, currency exchange, insurance, travel bookings, and more.
The move to offer phone plans is unconventional for a financial services firm but aligns with Revolut's strategy to attract and retain customers by providing a comprehensive range of services within its app. The company’s ambition is to cultivate a loyal user base that relies on its platform for all their financial needs, transitioning from being just a travel-focused account to a permanent banking solution.
Representatives of tech startup Gigs believe that Revolut's expansion into phone plans could significantly contribute to its long-term profitability by tapping into a potentially lucrative revenue stream. Retail spending on travel connectivity services is expected to increase substantially in the coming years, presenting a promising market for Revolut's new offering.
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