Rédaction Africa Links 24 with techfocus24
Published on 2024-02-12 14:24:52
Revolut, a British financial technology company, has made headlines with its announcement to launch phone plans in the United Kingdom for travelers. This innovative move makes Revolut the first financial services firm in the UK to offer telecom plans, putting them at the forefront of the industry globally. They have partnered with 1Global, formerly known as Truphone, and will be offering eSIMs, which are SIM cards that can be stored virtually rather than physically in the device.
The eSIM plans will be rolling out in the coming days and are designed to cater to the needs of Revolut customers with different subscription levels. Customers on Revolut’s basic app experience without any subscription can get a standard eSIM plan to access their Revolut app and top up their phone as needed. Those on the premium Ultra package will get 3GB of data to use globally with a monthly refresh.
One of the driving factors behind this move is the recent increase in mobile data usage costs for Brits traveling overseas. Since the UK’s departure from the European Union, several mobile carriers have reintroduced roaming charges, making it more challenging for travelers. Revolut’s eSIM offering aims to provide a solution to this problem by offering a cost-effective and convenient alternative for consumers to use data internationally.
Revolut’s general manager of premium products, Tara Massoudi, expressed her vision of turning Revolut into a “super app” that offers comprehensive financial and travel services. This move aligns with their ambition to establish Revolut as the go-to platform for banking, currency exchange, insurance, travel bookings, and more.
Furthermore, Revolut aims to build a loyal customer base by offering additional services that go beyond traditional banking, resulting in a more sustainable revenue stream. This strategy is crucial for Revolut, which has been working to diversify its income by expanding its line of paid subscriptions and strengthening its position as a permanent banking provider.
Hermann Frank, CEO of tech startup Gigs, emphasized the potential of Revolut’s new offering to generate substantial long-term profitability and increase customer retention through the fusion of essential financial and telecom services. The retail spending on travel connectivity services is expected to rise significantly, signaling a lucrative opportunity for Revolut to capitalize on its new phone plans.
The launch of phone plans by a financial services firm is a rare and strategic move in the banking industry. It signifies Revolut’s commitment to innovation and adapting to the evolving needs of its customers. With the potential for other banks to follow suit, the expansion of services to include phone plans and travel offers may become a trend within the industry.
Overall, Revolut’s foray into the telecom space demonstrates its commitment to offering a holistic and integrated financial and travel experience for its users. With the increasing demand for seamless connectivity and cost-effective data usage while traveling, the timing appears optimal for Revolut to enter the telecom market and establish itself as a leading provider in the space.
