London-based FinTech firm Revolut partnered with Visa to roll out a multi-currency travel debit card in Singapore, Visa said in a press release on Wednesday (Oct. 23).
The new card offers users the ability to spend overseas in over 150 currencies at the real exchange rate and without hidden fees.
A YouGov survey commissioned by Visa showed that people in Singapore are open to the idea of using neobanks and want a debit product.
“Revolut is the first neobank that Visa is partnering in Singapore to issue a multi-currency travel debit card. Based on the research that we conducted on Singaporeans, more than 70 percent of millennials are keen to sign up for a multi-currency travel product offered by a neobank,” said Kunal Chatterjee, Visa country manager for Singapore and Brunei.
“In fact, Singaporeans are most concerned about not getting the best exchange rates when they visit a money changer, so it is not surprising that close to 80 percent of millennials say they would change less money and use this multi travel currency card when traveling. As we progress into a more digital society, consumers expect to lead a digital lifestyle and make payments seamlessly when they travel without worrying about carrying too much cash,” he added.
Revolut is also collaborating with Mastercard to help it expand into the U.S. by the end of 2019. All of Revolut’s first debit cards in the U.S. and at least half in the U.K. will be issued with Mastercard. Aside from Singapore, its global expansion includes reaching markets in Australia, Japan, New Zealand, Brazil and Mexico.
Revolut is also planning to leverage Mastercard’s Send platform and other new Mastercard solutions.
“Launching in the U.S. will be a huge milestone for us, and we are delighted Mastercard will be our go-to-market partner,” Nik Storonsky, founder and chief executive officer of Revolut, said in a statement on Tuesday (Oct. 22).
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