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.

Revolut Targets Efficiency in Global Transfers

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 M-Pesa or to Bangladesh through bKash.

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.

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.

Expanding Services for Users

Last year, Revolut reported a surge of 45% in revenue 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, Finance Magnates reported.

Subscription revenue followed suit, surging 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.

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, compliance Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term, and governance infrastructure.