By
Steve Muchoki
March 12th, 2024
The new service will initially cater to over 8 million UK customers before extending to its 35 million users globally.
Revolut, a prominent financial institution headquartered in the United Kingdom, has introduced a data phone plan tailored for its British customers, featuring a virtual SIM card (eSIM) and global data access.
In an exclusive interview with CNBC, the company said it had become the first financial services firm in the country to offer telecom plans and one of the earliest globally to do so.
Revolut to Debut Its Phone Plans This Week
The new plans are scheduled to roll out later this week, offering convenience and flexibility to people in the UK. The digital banking and payments platform aims to make travelers in the region roam like locals by providing uninterrupted phone services without unexpected roaming charges.
The new service will initially cater to over 8 million UK customers before extending to its 35 million users globally.
The company said that customers on its basic app experience without a subscription will benefit from the new telecom plans. This group of customers will have access to a standard eSIM plan, allowing them to use the Revolut app to top up their phones as needed.
Additionally, subscribers to Revolut’s premium Ultra package, priced at £55 ($69.47) per month, will enjoy 3GB of global data with a monthly refresh, ensuring they can stay connected without worrying about unexpected roaming charges when traveling abroad.
The company plans to award Revolut users without an Ultra subscription with an enticing introductory offer of 100MB of free data if they apply before May 1. This offer is valid for seven days, after which they must upgrade to Ultra to continue using the eSIM.
Revolut Partners UK’s 1Global
The launch of Revolut’s phone plan comes at a time when the cost of using mobile data overseas has surged for British citizens, particularly after the reintroduction of roaming charges by several mobile carriers since the UK’s departure from the European Union.
Previously, Britons could roam freely across the EU region without incurring additional fees. But for now, most mobile carriers do not include free data in non-EU countries as part of their standard plans. However, with the rollout of Revolut’s phone plan, UK users can still stay connected without incurring additional charges outside the country.
The online banking and payments platform said it has partnered with British mobile network operator 1Global (formerly known as Truphone) to launch its eSIM.
Tara Massoudi, general manager of premium products at Revolut, said the company aims to turn its mobile app into a “super app”, offering services ranging from bank accounts to travel bookings with the introduction of the eSIM.
“Our ambition is very much to be the financial super app, and this is really going in that direction. Travel is a huge value prop we’ve always had, and it’s still important for our users. So it’s important that we continue to innovate in that space,” Massoudi told CNBC.
In 2022, Revolut boasted a valuation of $33 billion and has since been actively working towards building a devoted user community while broadening its range of premium subscription services.
The company aims to position itself as more than just a cost-effective choice for travelers but rather as a comprehensive financial partner, envisioning users entrusting it with all their banking needs.