Revolut is reportedly introducing phone plans in its bid to become a “super app.”
The plans, open to customers in the FinTech’s home country of Great Britain, are a first for U.K. financial services firms, Revolut announced in a Monday (Feb. 12) press release provided to PYMNTS.
The offering of eSIMs — electronic versions of a phone’s SIM card — and global data plans let U.K. customers roam and remain connected without incurring unexpected roaming charges and interruptions, the release said.
“At Revolut, we harness technology to simplify our customers’ lives, and that’s precisely what our eSIM accomplishes,” said Elyas Sadou, product owner of eSIM at Revolut, in the release. “It offers seamless access to mobile data, eliminating the inconvenience of high prices or the need to buy and organize a physical SIM card.”
“Whether you are in the U.S., Australia or Egypt, you can effortlessly secure a data plan with just a few taps on your phone, and then instantly share those breathtaking photos of your trip with friends and family,” he added in the release. “It’s a game-changer for people who love to travel.”
Beginning later this week, Revolut customers on eSIM compatible devices — essentially most 4G and 5G Apple and Android smartphones — will have access to the eSIM. After installation, users can top up data wherever they go without needing a physical SIM.
“Connecting the eSIM enables customers to use the Revolut app without using up their mobile data allowance, so if a Revolut customer lands in a country and doesn’t have data access, they can still access their Revolut app and use all the products and features, including topping up their data if they run out,” the news release said.
Tara Massoudi, general manager of premium products at Revolut, told CNBC Monday the decision to launch the eSIM service is part of Revolut’s quest to become an all-in-one app for things like bank accounts, currency exchange, insurance and travel offerings.
“Our ambition is very much to be the financial super app,” Massoudi said, per the report. “This is really in that direction.”
The increasing reliance on apps and connected devices has fueled growing demand among consumers “for an everyday app that seamlessly integrates banking, shopping and personal activities,” PYMNTS wrote in January.
This demand is especially strong in Europe, where almost 38% of consumers have shown a strong interest in using integrated digital solutions, according to findings from the PYMNTS Intelligence report “The Global Appeal of an Everyday App: Focus on Europe.”