Revolut Chooses Visa as Lead Issuing Partner to Drive Rapid Global Expansion
Visa (NYSE:V) and “Revolut, the leading fintech in Europe, announced a new agreement on September 30 (2019) that will help Revolut expand its business globally. Revolut will be able to bring its product offerings to five new regions, reaching 24 new markets, for a total of 56 markets globally. As per the terms of the agreement, Revolut will primarily issue Visa-branded cards in the global expansion.
Revolut provides a range of digital financial services via a mobile application to consumers, including currency exchange, budgeting and person-to-person (P2P) payments, all linked to a Visa card. Building on the success of its existing agreement in Europe, Visa will enable Revolut to launch initially in Australia, Brazil, Canada, Japan, New Zealand, Russia, Singapore and the United States, followed by Argentina, Chile, Colombia, Hong Kong, India, Indonesia, Korea, Malaysia, Mexico, Philippines, Saudi Arabia, South Africa, Taiwan, Thailand, Ukraine and Vietnam.
Revolut first began issuing Visa cards to its customers across Europe in July 2017.Since that time, Revolut has been able to leverage Visa’s global network and capabilities to help drive their rapid global expansion, including issuing Visa-branded cards in every major European market today.
The collaboration between Revolut and Visa will allow for:
- Flexible, Customised and Seamless Banking Services: Revolut customers can receive instant spending notifications, monthly spending breakouts and budgets by individual categories. The option to complement the existing Revolut app with Visa APIs, including Visa Token Service and Payments Attribute Account Inquiry, and Visa prepaid and debit cards, will offer the security and speed consumers expect when they use their Visa.
- Seamless, Low Cost Currency Exchange: As one of the most affordable options, Revolut customers can spend globally in over 150 currencies and hold and exchange up to 29 currencies and cryptocurrencies – including bitcoin, the Canadian Dollar, U.S Dollar, Mexican Peso, British Pounds and Euros – directly in the app using the interbank exchange rate.
- P2P Payments: With the tap of a button, consumers can instantly send and request money for free and split the bill at restaurants and bars with any Revolut customer globally.
Nikolay Storonsky, Founder and Chief Executive officer, Revolut stated “The new global agreement with Visa is timely for Revolut as we move into a number of new markets to offer even more consumers the control, flexibility and innovative features that our European customers have been benefiting from for years.”
Chris Clark, Regional President, Asia Pacific, Visa said “We are excited to extend Visa’s partnership with Revolut to Asia Pacific.” “Working together, we will bring new financial services experiences to consumers across the region. Payments is evolving rapidly in our region and it’s great to have an innovative fintech partner like Revolut expanding here. We are looking forward to leveraging the power of Visa’s global network to support Revolut as they grow their business in Asia Pacific.”