Revolut, a global neobank with 30 million customers worldwide, has launched instant card transfers that allows customers to securely send money in real-time to anyone in over 80 countries with just their name and 16-digit Mastercard or Visa card number.
The recipients do not need to be Revolut users. The only details required are the recipient’s name and their card number. No additional card details such as CVV or expiry date is required and any transaction to a new recipient is protected by a two-factor authentication.
Revolut said in a statement that it remains compliant with the Payment Card Industry Data Security Standard (PCI DSS), which ensures end-to-end security of information and protection of funds.
To mark the launch, Revolut is offering unlimited free international transfers for the month of August 2023.
After the promotional month of August 2023, Revolut will charge a fee of S$1.75 on top of 0.8% of the amount transferred for international transfers, which will be shown in the app before the transfer is confirmed.
Raymond Ng, Chief Executive Officer at Revolut Singapore said,
“Through this instant, convenient and most importantly, secure method of remitting money, we are enabling our customers to send money to their loved ones whenever they wish to.
We are glad to have partnered Mastercard and Visa to bring this cutting-edge technology to our customers and look forward to many more of such innovations in the future.”