Revolut, a British fintech company, has announced its intention to become the first financial services company in the UK to offer mobile network plans to its customers. This innovative offering, starting this week, will cater to the company’s eight million UK customers who use eSIM-compatible devices, providing them with mobile access that includes online banking and more while traveling abroad.
Revolut’s eSIM service will feature data plans spanning over 100 countries worldwide. It is designed to be installed alongside a business user’s existing local SIM or eSIM, effectively eliminating the stress of roaming charges. This development comes at a crucial time, as UK customers grapple with rising costs, including the re-introduction of roaming charges following the country’s exit from the European Union. Previously, many popular network providers included free European roaming, but most have since added charges for using services abroad.
For customers on the Ultra tier, priced at £45 per month, 3GB of global data will be included each month, catering to the needs of international business travelers. Additionally, all Revolut customers in the UK can take advantage of an introductory offer of 100MB, redeemable by May 1, 2024.
Pricing for additional data will vary by location, starting at £2 per 1GB. Plans will range from 1GB to 20GB, offering both regional and global options.
Remarkably, the use of the banking app will not contribute to any mobile data usage, allowing customers to access their finances and data plans from most countries seamlessly.
Revolut’s network connection will be provided by 1GLOBAL, a London-based company founded in 2022. 1GLOBAL’s portfolio includes remote SIM provisioning, IoT solutions, Telco-as-a-Service for travel companies, and regular roaming options for individual consumers.
Elyas Sadou, Product Owner of eSIM at Revolut, expressed excitement about the new offering, stating, “At Revolut, we harness technology to simplify our customers’ lives, and that’s precisely what our eSIM accomplishes. It offers seamless access to mobile data, eliminating the inconvenience of high prices or the need to buy and organize a physical SIM card.”
Looking ahead, Revolut has ambitious plans to develop a ‘super app’ offering services beyond banking, including currency exchange, insurance, travel bookings, and airport lounge passes. This expansion aims to position Revolut at the top of many business owners’ lists for comprehensive financial services.
(Source: FinTech Magazine | CNBC | TechRadar)
