Revolut Introduces "Mobile Wallets" for International Money Transfers

<p>Revolut has introduced "mobile wallets" to enhance international money transfers. This new service enables users to send money abroad using the recipient's
essential information, including their name, phone number, or email address. According to a report by altfi, the platform eliminates the need for complicated bank details, reducing the risk of errors. </p><p>Revolut Targets Efficiency in Global Transfers</p><p>Revolut's commitment to meeting the diverse needs of
its 35 million customers is evident as it opens up new routes for "mobile wallets". Customers in the UK and most countries in Europe can send money, for instance, to Kenya through <a href="https://www.financemagnates.com/fintech/payments/m-pesa-now-to-support-online-payments/" target="_blank" rel="follow">M-Pesa</a> or to Bangladesh through bKash.</p><p>In particular, this feature will benefit expatriates and
international students, offering a direct, convenient, and swift method to
directly transfer funds through the Revolut app, the company explained. </p><p>With over 500 million monthly transactions, Revolut
is expanding its services in the digital economy. The latest launch of "mobile wallets" is a
step to empower individuals and families globally. By adapting to the evolving needs of the digital
landscape, Revolut aims to simplify the complexities of cross-border finance,
ensuring affordability and convenience for users globally.</p><p>Expanding Services for Users</p><p>Last year, Revolut <a href="https://www.financemagnates.com/fintech/revolut-files-delayed-2022-financials-revenue-jumps-45-to-11b/" target="_blank" rel="follow">reported a surge of 45% in revenue</a> for the fiscal
year 2022, crossing $1.1 billion. Notably, the firm's revenue from cards and interchange experienced a
remarkable increase of 105%, reaching $377 million, <a href="https://www.financemagnates.com/" target="_blank" rel="follow">Finance Magnates</a>
reported. </p><p>Subscription revenue followed suit,
surging by 48% to $195 million, while interest income increased from $2.1 million in 2021 to $102 million in 2022. Revolut
reported an expansion in its financial position and welcomed over 10 million new customers. This represents a
substantial growth of 71% year-over-year. </p><p>With a current global customer base
surpassing 35 million, the company reported an upsurge of 55% in customers subscribing
to paid plans. Revolut's CEO, Nik Storonsky, highlighted the company's expansion into new markets, the
introduction of multiple products, and the reinforcement of risk, <a href="https://www.financemagnates.com/terms/c/compliance/">compliance</a>,
and governance infrastructure.</p>

This article was written by Jared Kirui at www.financemagnates.com.