Revolut is launching a travel eSIM plan in the UK, an unusual move for a financial services company.
Customers using Revolut's basic app experience without a subscription will get a standard eSIM plan with access to the Revolut app and the ability to top up their phone as needed. For example, if a Revolut user arrives at the airport and runs out of data with his current SIM provider, he can still access features in the Revolut app for free and top up his data as usual.
Revolut customers on the company's £55 ($69.47) monthly premium Ultra package get 3GB of data to use worldwide, with monthly rolling updates. This means you won't have to worry about unexpected roaming charges when entering another country.
The cost of using mobile data abroad has risen for Britons in recent years. Several mobile operators, including BT, Vodafone and Three, have reintroduced roaming charges since the UK left the European Union. Britons have previously been able to travel across the EU without incurring roaming charges. On the other hand, most mobile carriers do not include free data in non-EU countries as part of their standard plans.
Revolut users without an Ultra subscription can receive an introductory offer of 100MB of free data if they sign up before May 1st. This offer is valid for 7 days after which you will need to upgrade to Ultra if you want to continue using your eSIM.
Revolut has launched eSIM in partnership with UK mobile network operator 1Global (formerly Truphone).
Tara Masoudi, Revolut's general manager of premium products, said Revolut's decision to launch an eSIM marks the company's decision to launch a comprehensive “super app” with services spanning banking, currency exchange, insurance, travel booking and airports. He said the purpose was to change it to . lounge pass.
“Our ambition is to become a financial super app,” Masoudi told CNBC. “This is really the direction.”
“Travel is a big value prop that we have always had and it remains very important to our users,” Masoudi added. “So it’s important that we continue to innovate in that space.”
The launch of a phone plan is unusual for a financial services company. Many challenger banks are bundling new services into their apps to give consumers a reason to use their services over alternatives. The objective is to attract a more stable customer base over time.
For Revolut, this is very important. The company, which hit a $33 billion valuation in 2022, is looking to further diversify its revenue by acquiring more of its loyal user base and expanding its line of paid subscriptions.
This requires customers to use the company as a permanent banking provider for all their financial needs, rather than as an optional low-cost travel account when traveling abroad.
David Zahn, CEO of Giggs, a technology startup that helps businesses set up and sell privately branded eSIM phones and data plans, said Revolt's move could benefit the company in the long run. .
“This move provides an easy path for Revolut to develop profitable new revenue streams and could play an important role in the company's long-term profitability,” Zahn told CNBC in an email. Told.
“By enriching their services with branded phone plans, neobanks like Revolut can combine two essential services into one app, making the user experience easier and even more sticky. Masu.”
Retail spending on travel connectivity services such as roaming packages and travel SIMs is expected to grow to more than $30 billion by 2028, according to roaming and connectivity market intelligence and consulting firm Kaleido Intelligence.
“We expect many other banks to launch phone plans and travel plans within the next 18 months,” Zahn added.
Revolut is not the first fintech company to launch an eSIM service. Zolve, an Indian credit card startup that helps immigrants open bank accounts before arriving in the United States, began offering phone plans with physical SIMs and eSIMs in August.