Revolut, based in the United Kingdom and operates in the sphere of financial technologies, announced the launch of phone plans.
The launch of the new service makes the mentioned firm one of the first players in the global fintech industry to offer its customers the specified solutions.
Revolut, the digital banking provider and payments unicorn, will begin offering consumers eSIMs, which are SIM cards that can be stored in a personal technical device virtually. In this case, it carries out a kind of advanced rejection of the traditional physical form. The company will start offering the corresponding tariff plans to its customers in the coming days. Information about the exact date of the start of the firm’s activities in its new business space is still missing.
Customers using the basic Revolut app without any subscription can become clients of the standard eSIM tariff plan, which will allow them to access the company’s digital platform to top up their phones as needed. For example, if consumers interacting with this firm arrive at the airport and run out of data on their current SIM provider, they will still be able to access the functions of the mentioned app for free and top up data as usual.
Revolut customers using the premium Ultra package priced at 55 pounds ($69.47) per month, the company will provide 3 GB of data worldwide with a rolling refresh every month. This solution ensures that consumers do not have to worry about unforeseen roaming costs when entering another country.
It is worth noting that in recent years, residents of the United Kingdom have faced a growing trend in the cost of using mobile data overseas. Several mobile providers, including BT, Vodafone, and Three, have again decided to reintroduce roaming charges after the UK leaves the European Union. Before that, residents of the United Kingdom had the opportunity to travel across the EU and not pay for roaming. Most mobile operators do not include free data in their standard plans in countries that are not part of the specified association of states.
Revolut users without an Ultra subscription can receive an introductory offer of 100 MB of free data. In this case, consumers need to apply before May 1. The offer will be valid for seven days, after which users will have to upgrade to the Ultra tariff plan. The corresponding condition is mandatory for the possibility of continuing to use eSIM.
Revolut has established a partnership with the British mobile operator 1Global, formerly known as Truphone. As part of this collaboration, the company launched its eSIM.
Tara Massoudi, general manager of premium products at Revolut, says that the decision to implement new tariff plans will enable efforts to transform the fintech company into a more comprehensive super app with a list of services including bank accounts, travel bookings, currency exchange, insurance and airport lounge access. According to her, to be the financial super app is the firm’s goal.
Tara Massoudi also noted that travel is a huge value, which has always been and still remains very important for Revolut customers. In this context, she stated the importance of continuing to implement innovative solutions in the relevant area.
Offering phone plans to customers is a rare solution for a company specializing in providing financial services. At the same time, many banks are actively adding new services to their apps to increase the level of customer engagement by providing them with a digital platform that is universal in terms of functionality and the range of solutions offered.
Such virtual products also reduce the need for interaction with third-party suppliers of individual offers related to the functional support of the life process in commercial and technological aspects. In this case, the goal is to build a more stable customer base in the long term.
For Revolut, launching a new service is an extremely important decision in the context of the company’s existence in the global sense of this process. In 2022, this fintech market player was valued at $33 billion. Currently, the company is striving to gain more loyal users and expand its line of paid subscriptions. These aspirations are aimed at achieving the goal of income diversification.
Revolut currently needs customers who will interact with this brand as a permanent provider of banking services to meet all their financial needs. The format of clients’ relationship with the company within the framework of one solution cannot ensure significant and sustainable business growth.
Hermann Frank, CEO of Gigs technology startup, which specializes in helping firms set up and sell their own branded eSIM phone and data plans, said that Revolut’s solution will be profitable for the brand in the long run. According to him, this step is an easy way for the company to open a new source of income and will become an important factor in shaping the profitability of this player in the fintech industry.
Hermann Frank says that firms such as Revolut, by enriching their customer service offerings with phone data plans, can combine two main solutions in one app, facilitating consumer actions and increasing the level of usability.
Data from Kaleido Intelligence, an analytical company specializing in the roaming and Internet connectivity market, indicates that retail spending on travel communication services is expected to grow to more than $30 billion by 2028.
Hermann Frank expects that in the next 18 months, many banks will launch phone plans and travel offers.
It is worth noting that Revolut is not the first fintech company to introduce the eSIM offer into its functional customer service system. Last August, the Indian startup Zolve, specializing in credit card issuance, began offering phone plans attached to physical SIMs and eSIMs.
As we have reported earlier, Revolut Launches Cross-Border Mobile Wallets.