Original text here from Patrice Bernard (LinkedIn)
As it has now become a mainstream neo-bank, Revolut is revisiting its original promise of making life easier for borderless citizens – a key factor in winning over many customers – by introducing a direct fund transfer feature to electronic wallets worldwide.
In a growing number of regions around the globe, the mobile phone has become or is becoming the preferred medium for handling money, replacing cash and eliminating many inconveniences such as the need for face-to-face interactions in transactions and the risk of theft. This trend is particularly evident in Kenya, a pioneer with its 17-year-old M-Pesa system, and in Bangladesh with its slightly younger bKash system, the first two markets targeted by Revolut's innovation... with plans for further expansion to similar services in the near future.
The operation is extremely simple. In fact, one of the goals of implementing "Mobile Wallets" (as per the official terminology of this young startup) is precisely to facilitate (and secure) transactions. Therefore, individuals wanting to send a few euros or pounds – as the feature is currently only available in the UK and "most" European countries – to these platforms only need to provide the email address or phone number associated with the recipient's identification, along with their name.
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Apart from reducing friction in the user experience, this addition is a crucial complement for a company that continues to uphold its position as a global player. Mobile tools are not just a popular option in advanced countries; they are the primary means for largely unbanked individuals to receive money quickly without relying on intermediaries to provide cash.
Naturally, Revolut is not the first in its category to integrate "digital" wallets into its transfer capabilities. In this regard, Wise has taken a significant lead, and Revolut's attempt to catch up shows that despite their different initial concepts (catering to globetrotters for one and focusing on international transactions for the other), these two players are increasingly in direct competition. The latter, by staying the course, appears to be more convincing.
