Visa and Revolut announce new deal

Portfolio
Visa and Revolut, the leading fintech in Europe, on Mondaz announced a new agreement that will help Revolut expand its business globally.
Revolut bankkártya
The advance of fintechs and the future of banking will also be on the agenda of Portfolioás Banking Technology 2019 conference in Budapest on 14 November. Register here!

Leveraging Visa’s brand, scale and global acceptance footprint, Revolut will be able to bring its product offerings to five new regions, reaching 24 new markets, for a total of 56 markets globally. Under the terms of the agreement, Revolut will primarily issue Visa-branded cards in the global expansion.

Revolut offers consumers a range of digital financial services via a mobile application, 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.

Visa and Revolut have built a strong partnership over the last four years. The digital banking alternative 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.

Over the last four years, Revolut has been at the forefront of global financial innovation. In an effort to enable consumers to better manage their money digitally, Revolut and Visa will allow for:

  • Flexible, Customized 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.

The Visa and Revolut global deal builds on Visa’s long-term commitment to fintechs and bolsters the company’s strategic business priorities, including:

  • Visa Direct, Visa’s platform that enables faster payments to over a billion financial accounts worldwide
  • Visa’s suite of B2B payments solutions for small and medium businesses and global enterprises
  • Visa’s ongoing commitment to bringing digital payment options to the unbanked via social impact programs

More in Business

IKEA
January 23, 2020 11:56

IKEA Hungary sales up 20.5% y/y

Online sales grew nearly 300% in 2019

hetszemelyes autó nagycsaládos
January 23, 2020 09:19

Gov't programme for large families in full swing in December

Leasing companies finance 700 new seven-seater SUVs

European parliament building, Brussels, Belgium
Free
January 22, 2020 16:18

EUR 114 million fines dished out over GDPR

Over 160,000 data breaches since implementation

OTP fiók
January 22, 2020 09:57

Hungary's OTP reported to eye Romanian bank

Garanti could be the next acquisition target

Suzuki
January 20, 2020 14:05

Magyar Suzuki will only make hybrids for EU this year

Aims to keep top spot in Hungary

Autók
January 20, 2020 12:22

Hungarians buy 15% more cars in 2019

Used car imports drop for the first time in 10 years