Revolut has introduced the Mobile Wallets service, which allows you to quickly and conveniently transfer money to foreign digital wallets. At the beginning, fintech offers two quite exotic directions, but over time their number is expected to increase.
Digital wallets are becoming the dominant and fastest growing form of payment in the world, which also applies international transfers. Service introduced by Revolut Mobile Wallets is designed to provide a fast, simple and convenient process for transferring money to foreign wallets digital. Just enter your name and surname and e-mail address or telephone number and the funds will be delivered to the recipient, often nalmost immediately (up to 20 seconds), on the other side of the world.
As Revolut points out, direct transfer to a digital wallet is potentially less riskthat the amount will get stuck in one of the intermediary banks, as is sometimes the case with traditional transfers.
To start with… Kenya and Bangladesh
Revolut customers in Europe can use Mobile Wallets to send funds from their Revolut app directly to the first two digital wallets: M-Pesa (to Kenya) and bKash (to Bangladesh). Fintech ensures that more wallets and countries will appear soon. The service is aimed at both people working abroad and sending money home, as well as students those studying abroad and needing financial connection with their family.
Digital wallets are popular in Asia, Africa and both Americas. This is an example M-Pesa (57 million customers) and its position in Kenya and bKash (70 million customers) and its popularity in Bangladesh.
The Mobile Wallets service and transfers to foreign digital wallets are an alternative to international bank transfers and sending cash “from window to window”, which can be expensive. This is particularly important in countries where many people do not have a bank account but use a more or less advanced telephone (service regulations apply).
Poles may also find Mobile Wallets useful
Although from the perspective of Polish customers, the new function is not very useful at this stage, Revolut indicates that there is potential for its use. Many Poles live, work or study abroad. Number Revolut customers in Poland receiving foreign transfers on an annual basis increased in 2023 by 36%, the number of transfers by 39%, and their value by 29%. The most popular countries from which transfers came to Poland were: Great Britain, Germany, the Netherlands, Ireland and Norway.