British fintech firm Revolut has broadened its array of services with the introduction of the “Mobile Wallets” feature in Singapore, facilitating direct money transfers to Bangladesh and Kenya.
The company also announced plans to expand this service to include additional wallet routes shortly. Initially made available to users in the United Kingdom and the European Economic Area (EEA) in January, this feature now enables Singaporean users to send money directly to bKash accounts in Bangladesh and M-Pesa accounts in Kenya using the Revolut app.
By introducing “Mobile Wallets,” Revolut simplifies international money transfers, eliminating the need for traditional bank account details like IBANs or SWIFT codes. Users can now transfer funds with just the recipient’s name and their contact details, such as a phone number or email address.
This service offers a practical alternative to traditional international cash transfers, particularly in countries like Bangladesh and Kenya, where banking infrastructure may be limited, and the reliance on cash pick-up methods can be both costly and inconvenient.
Revolut’s pricing for Mobile Wallet remittances to Kenya and Bangladesh is competitively set at 0.4% for Standard users, 0.2% for Premium users, and is offered without any fees for Metal users.
Revolut introduced “Instant Card Transfers” in Singapore earlier in August, enhancing the remittance experience with secure, low-cost, and convenient options for sending money. This service allows users to transfer funds to anyone in over 80 countries around the clock, using just the recipient’s name and their 16-digit Mastercard or Visa card number. Unlike traditional banking methods, which can take several days, the transferred funds are delivered instantly and are protected by the security networks of Mastercard and Visa.
Meanwhile, recipients of these transfers are not required to be Revolut users, and the service does not require providing sensitive card details like the CVV or expiry date. All transactions to new recipients are safeguarded by two-factor authentication, and Revolut maintains compliance with the Payment Card Industry Data Security Standard (PCI DSS) to ensure the security and protection of funds.
Ashley Thomas, Head of Strategy & Operations, Revolut Singapore said: “We’re delighted to launch Mobile Wallets so that Revolut customers can send money in a flash. 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.”
Singapore expects its remittance market to reach $12.53 billion by 2030, up from $7.52 billion in 2020, with a compound annual growth rate of 4.7% from 2021 to 2030.
