Revolut, a leading global neobank, has introduced its Mobile Wallets feature in Singapore, marking a significant expansion of its services beyond the UK and European countries.
This feature enables users to transfer money directly to bKash accounts in Bangladesh and M-Pesa accounts in Kenya through the Revolut app.
Unlike traditional methods requiring IBANs or SWIFT codes, users can now send funds using only the recipient’s name and contact information.
The introduction of the Mobile Wallets feature addresses challenges prevalent in countries like Bangladesh and Kenya, where cash pick-up methods can be costly and banking access is limited.
It particularly benefits the sizable Bangladeshi community in Singapore, aligning with the Bangladesh government’s encouragement of remittances from expatriates through its 2.5% incentive.
For remittances to Kenya and Bangladesh, the pricing for Standard, Premium, and Metal users varies. The Standard users are charged 0.4%, Premium users 0.2%, and Metal users enjoying fee-free transfers.
Ashley Thomas, Head of Strategy & Operations at Revolut Singapore, emphasized the importance of simplifying international money transfers for expats.
By adapting to the digital economy’s evolving needs, Revolut aims to empower individuals and families worldwide to navigate cross-border finance more conveniently and affordably.
Revolut’s Mobile Wallets feature allows users to send money abroad quickly and with a similar price structure as Revolut bank transfers.
The feature is designed to simplify the process of sending money abroad by only requiring the recipient’s essential identification details. These details include the name and either a phone number or email address.
Revolut’s Mobile Wallets offer several potential benefits to users:
- Greater ease: Users can send money abroad quickly and easily, reducing the hassle associated with traditional transfer methods.
- Less friction: The Mobile Wallets feature offers a similar price structure to Revolut bank transfers, minimizing any discrepancies in transaction costs.
- A wider choice: Customers have the flexibility to choose their preferred wallet for transferring funds, enhancing convenience and accessibility.
- Reduced potential risks: Compared to traditional payment methods, Mobile Wallets reduce the potential for risks such as sending money to the wrong account or encountering issues with banks.
- Faster transfers: With Mobile Wallets, users can enjoy faster transaction times, ensuring that funds reach their intended recipients promptly.
To send money to bKash and M-Pesa, users can follow simple steps tailored for each platform:
bKash:
- Go to a partner bank branch, Money Exchange, or MTO agent.
- Provide the beneficiary’s bKash account number and full name.
- Give the required cash and ask the agent to start and finish the process.
M-Pesa:
- Dial *840# and select Opt in.
- Read and accept the terms and conditions.
- Enter your M-PESA PIN and wait for a confirmation SMS.
Revolut’s Mobile Wallets feature not only simplifies global remittances but also highlights the growing role of digital banking solutions in facilitating cross-border transactions.
As Revolut pioneers this innovation in Singapore, it sets a precedent for other fintech companies to follow suit. This will ultimately foster greater financial inclusion and accessibility on a global scale.
