Revolut, a UK-based fintech company has partnered with Visa Inc, the Visa-branded credit card manufacturer to scale global expansion. The partnership will also make Revolut issue visa branded cards to its clients. This was announced in a statement released by Revolut on Monday.
Revolut offers banking services, cryptocurrency, peer to peer payments and currency exchange through its mobile app. It will leverage on Visa card’s global acceptance and footprint to reach 5 new regions, 24 new markets and 56 global markets.
Revolut will be launching its services in Australia, Brazil, Canada, Japan, New Zealand, Russia, Singapore, and the United States. The fintech will also expand its services to Argentina, Chile, Colombia, Hong Kong, India, Indonesia, Korea, Malaysia, Mexico, Philippines, Saudi Arabia, South Africa, Taiwan, Thailand, Ukraine, and Vietnam.
The Founder and CEO of Revolut, Nikolay Storonsky expressed his uttermost satisfaction about the partnership. He noted that the agreement with Visa is timely. It will help the fintech move into several new markets to offer consumers the control, flexibility and innovative features that its European customers have previously benefited.
The Chief Product Officer of VISA, Jack Forestell also described the agreement as appropriate and expressed his satisfaction. Jack noted that the business relationship between the duo for over 4 years has been eventful. Thus, he believes this will enable Revolut to reach 54 million merchants across 200 countries through the help of Visa. It will also help bolster customized and seamless banking services, low-cost currency exchange and P2P payments.
The partnership will also build on Visa’s long term commitments to fintech and help Visa create,
- Visa Direct, a Visa platform that enables faster payments to over a billion financial accounts worldwide
- Visa suite for B2B payments solutions for small and medium enterprise globally and
- Visa’s ongoing commitment to bringing digital payment options to the unbanked via social impact programs
The relationship between Visa and Revolut began in 2015. Since then, the duo has provided flexible digital fintech services to the European market.
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