Revolut, a UK-based neobank serving the B2C and B2B segments, has introduced mobile wallets to enhance international money transfers.

Users can send funds abroad using recipient information such as name, phone number, or email, eliminating the need for complex bank details and reducing the risk of errors. 

The service allows customers in the UK and most European countries to send money to specific destinations, such as Kenya through M-Pesa or Bangladesh through bKash. The feature is particularly beneficial for expatriates and international students, providing a direct way to transfer funds through the Revolut app.

Revolut serves over 35 million customers globally and has recorded a 55% growth in customers opting for paid plans.

Analyst QuickTake: This product launch follows Revolut's introduction of a similar service, called RevTags , for business customers in September 2023. It allowed them to conduct free cross-border payments in over 29 currencies across 150 countries and regions within the Revolut network.