Global financial super-app Revolut has launched mobile wallets for its users in Singapore, allowing them to send money abroad “almost instantly”.
As initial payment routes, customers can now send money to Bangladesh (bKash) and Kenya (M-Pesa) directly from their Revolut app, offering a handy mobile payment option for expats in Singapore, with a similar price structure as Revolut bank transfers.
Through the new mobile wallet functionality, customers can send money abroad quickly using only recipient IDs such as their name alongside their phone number or email addresses. Revolut says there is no need to input bank account numbers, IBANs or SWIFT codes.
It claims that through direct connections with a mobile wallet, potential risks associated with some traditional payment methods, such as money being sent to the wrong account or money being stuck with banks, gets reduced. It also offers an alternative to international cash transfers, particularly for countries like Bangladesh and Kenya, where it says cash pick up methods can “often be more expensive, and the number of people who have bank accounts is low”.
Ashley Thomas, head of strategy and operations, Revolut Singapore, said, “Sending money home is a problem many expats face and so it is essential to provide a service that simplifies this and facilitates affordable and convenient international money transfers.
“By continuously adapting to the evolving needs of the digital economy, we hope to continue to empower individuals and families around the world to navigate the complexities of cross-border finance with ease.”
Revolut expects to launch additional wallet routes soon.
