The Revolut App Lets Users Spend Money Abroad Without Excessive Fees
Justin Lam — November 29, 2018 — World
References: revolut
Designed as a digital challenger bank the Revolut app is a new hassle-free global spending solution that doesn't follow the conventions of financial borders. Available for any legal resident of the European Economic Area and Switzerland over the age of 18, the Revolut app simply requires users to fill in some personal details and verify their identity by taking a picture of their government-issued ID and their own face.
After establishing a Revolut account, users can take advantage of its global spending system that offers over 150 currencies to spend abroad, allows users to withdraw money abroad, and can even offer insurance at the touch of a button. The app also provides a free Euro IBAN account and cryptocurrency exchanges and transfers when a user pays for the Revolut app Premium service.
After establishing a Revolut account, users can take advantage of its global spending system that offers over 150 currencies to spend abroad, allows users to withdraw money abroad, and can even offer insurance at the touch of a button. The app also provides a free Euro IBAN account and cryptocurrency exchanges and transfers when a user pays for the Revolut app Premium service.
Trend Themes
1. Digital Challenger Banks - Disruptive innovation opportunity: Creating user-friendly, borderless banking solutions that provide hassle-free global spending.
2. Global Spending Solutions - Disruptive innovation opportunity: Developing platforms that offer multiple currency options, overseas withdrawal capabilities, and instant insurance services.
3. Cryptocurrency Exchanges - Disruptive innovation opportunity: Building secure and user-friendly platforms that allow seamless cryptocurrency exchanges and transfers alongside traditional banking services.
Industry Implications
1. Fintech - Disruptive innovation opportunity: Integrating emerging technologies and financial services to create efficient and user-friendly solutions for global spending.
2. Insurance - Disruptive innovation opportunity: Partnering with digital financial platforms to provide instant and on-demand insurance services for frequent travelers.
3. Technology - Disruptive innovation opportunity: Developing secure and scalable platforms that facilitate cross-border transactions and provide seamless integration with multiple currencies.
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