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

Tobias Adrian - IMF
Free
December 10, 2019 12:00

Payments to be transformed completely - This is how the money of the future will look like

IMF top dogs uncover details

Elhunyt az internet egyik alapító atyja
December 10, 2019 08:26

Number of Internet subscriptions grow in Hungary

10.2 million Hungarians pay for the web

bogdankrisztina1
December 09, 2019 13:20

Hungarian banks at another level - They have started something completely different

Commerzbank Deputy-CEO on cenbank bond programme, automotive industry and CFO of the Year Award

BÉT
December 09, 2019 10:53

Hungary's 4iG nets two more public contracts

A combined HUF 2 bn for health and training systems

JPMorgan
December 09, 2019 08:57

J.P. Morgan raises target price for Hungary's OTP

Rating remains 'overweight'

budapest191206gettystock
December 09, 2019 08:55

These are the greatest risks for Hungary at the moment

IMF outlines risk scenarios